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Monaco’s First Gold Refinery Set to Target Luxury Brands

  • Refinery will produce bars from gold mined in Latin America
  • ‘We will have full traceability from mine to refiner’: Fendi
Newly manufactured gold bars sit in storage racks ahead of stamping at a precious metal refinery.
Photographer: Gianluca Colla/Bloomberg
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Dubai investor Selim Fendi plans to open Monaco’s first gold refinery in early 2017 to meet demand from local and global jewelers looking to make sure they aren’t using metal from conflict areas.

Aurum Monaco SAM will produce up to 1 metric ton of gold a month in its first year, with capacity to boost that to 3 tons a month, Fendi said in an interview. The gold will be from mines in Colombia, Peru, Chile and soon Ecuador that are financed by Fendi’s Dubai gold-trading company Noble Precious Metal DMCC.