By Andy Sambidge
Kaloti Jewellery Group appoints contractor to build precious metals refinery in emirate
Dubai-based Kaloti Jewellery Group has announced the contractor to build a precious metals refinery in the emirate.
United Engineering Construction (UNEC) has been hired to build the state-of-the-art refinery which will cost $60 million and will be the world's largest with a capacity to refining up to 1,400 tonnes of gold and 600 tonnes of silver per year.
In addition, the refinery will produce wholesale investment casted and minted bars as well as jewellery and semi-finished precious metals products, the company said in a statement.
The project is anticipated to be completed in the first half of 2015, it added.
This will triple the size of Kaloti's current refinery production and will help meet the rising demand from its worldwide client base.
Munir Kaloti, chairman of Kaloti Group, said: "The construction of our new refinery is part of the company's overall strategy to expand its capacity up to 2,000 tonnes.
"It is an imperative development in the company's global growth and institutionalisation scheme and will form the basis of our expansion for the next generation."
Established in 1988, Kaloti Group is the world's largest gold and precious metals refiners and a leading international trading house.
The company, its subsidiaries and associates employs 300 people in six offices in Dubai, Singapore, Hong Kong, Miami, Istanbul, Suriname and a gold and precious metals refinery in Sharjah.