News | August 22, 2011

Dubai Unveils UAE’s 1st Gold Bullion Coin

News | August 22, 2011

By Lexi Holzberg Kritzer

Dubai Multi Commodities Centre Authority (DMCC), the Government of Dubai’s entity for enhancing commodity trade flows through Dubai, has unveiled the prototype of the first gold bullion coin in the UAE.

Designed by DMCC, the “Khalifa” coin features a portrait of UAE President HH Sheikh Khalifa Bin Zayed Al Nahyan on one side, and the Burj Khalifa, the world’s tallest tower, on the other side.

The five-ounce coin prototype, which was unveiled in a special ceremony attended by senior representatives in the gold trade industry, was minted by Argor-Heraeus SA in Switzerland, which is accredited by the DMCC’s Dubai Gold Delivery (‘DGD’) standard. The DGD gold standard, launched by DMCC in 2005, is the adopted quality standard for gold and silver bars production and technical specifications in the region and is benchmarked to international standards.

DMCC is also in discussions with the UAE Central Bank to designate the gold bullion coin as the first legal tender in the UAE and the Middle East as a whole.

A national legal tender gold coin, for DMCC, will stand as an internationally recognized symbol of pride and recognition of the UAE’s achievements much like the Canadian Maple Leaf, Australian Nugget, South African Krugerrand and others.

Source: 24hGold

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