Kaloti plans bullion ingots production

Dubai-based Kaloti Jewellery Group, a leading gold and precious metals refiners and trading house, said it has started wholesale production and trading of commercial gold bullion and investment bars with an eye on the end customers. Kaloti’s 999.9 carat gold bullion ingots will be available in denominations of 1gm, 5gm and 20gm, 1ounce, 50gm, 100gm and will come in fully-guaranteed tamper-proof packs, said a company statement. These will add to the existing production of 250gm, 500gm, 1kg and large bars of 12.5kg. Moreover, the production will include coins and medals of 21 and 22 carats as well as silver coins and medals for customized occasions, it added. Commenting on the move, chairman Munir Kaloti said, \"The provision of these gold ingots is part of our overall strategy to offer complete and comprehensive solutions to the precious metal industry. Our wholesale customers have repeatedly requested smaller-denominated gold bullion bars as they seek alternative investment products for their portfolios.\" “As a result, these gold ingots mark the official entry of our investment bars into the retail market through our wholesale customers worldwide. Our aim is to fill this demand with 999.9 purity ingots each furnished with our own assay and certified security- sealed packets,” he added. The gold ingots will be competitively priced on the basis of the daily international bullion prices and can be purchased directly through Kaloti’s wholesale distributors, said the company statement. Kaloti’s refinery is accredited by the Dubai Good Delivery in gold and the Hong Kong Mercantile Exchange and has seats on the DGCX, Comex (a division of Nymex), IGE. It is also a member of the DMCC, DGJG and DGAG, and associated member of LBMA, affording Kaloti the highest international standards and best practice in the industry, it added. TradeArabia News