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Dubai's commodities hub plans Gulf's first blockchain-backed facility

·1-min read
Gold bangles are displayed at a gold shop in Gold Souq in Dubai

DUBAI (Reuters) - Dubai Multi Commodities Centre (DMCC) plans to create the first precious metals refinery and storage facility in the Gulf region enabled by blockchain technology.

The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium, which will be tokenised on goldexchange.com, a secured trading platform, it said in a statement.

As part of the agreement, REIT Development acquired industrial land located in DMCC’s Jumeirah Lakes Towers' business district, it said.

The 100,000 square foot precious metals refinery and storage facility will create a decentralised record of transactions, making it possible to track all precious metals that are refined and eventually sold internationally to more than 150 countries.

"Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades," said

Mike De Vries, chief operations officer of REIT Development.

(Reporting by Saeed Azhar, editing by Louise Heavens)