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Growth in gold demand is shifting east, to Asia’s fast-growing economies. But key industry activities such as refining and clearing remain dominated by the west. Dubai wants to change that -- with plans to build one of the world’s largest gold refineries1.
One of the world’s largest gold refineries is being built on the outskirts2 of Duba and when it’s completed next year, the $60 million U.S. dollar refinery3 may help shift the balance of power in the world’s gold industry.
Nearly 40 percent of the world’s physical gold trade passed through Dubai last year but its refining strength remains4 weak, according to the Dubai Multi Commodities Centre Switzerland dominates that aspect of the sector5 and refines about 70 percent of the world’s gold.
The refinery is expecting that gold demand in Asia will continue to grow in the future. But that expected growth isn’t a sure thing. India, for one, imposed a record 10 percent import tariff6 on gold in a bid to reduce its current account deficit7. China’s gold imports, meanwhile, fell by a third in the first quarter.
Kaloti said he sees little risk of a long-term interruption to growth as his firm’s precious metals output and trade have improved 25 to 35 percent annually8 for the past 25 years.
Another source of frustration9 is endorsement10. The London Bullion11 Market Association runs a Good Delivery List of certified12 refineries. Some feel the system favors Western companies. That could change, though, with Dubai’s refining capacity expansion and developments in exchange based trading. Dubai’s proximity13 to the growing economies in the east also would put it in a strong position to challenge Europeean dominance.
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1 refineries | |
精炼厂( refinery的名词复数 ) | |
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2 outskirts | |
n.郊外,郊区 | |
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3 refinery | |
n.精炼厂,提炼厂 | |
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4 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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5 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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6 tariff | |
n.关税,税率;(旅馆、饭店等)价目表,收费表 | |
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7 deficit | |
n.亏空,亏损;赤字,逆差 | |
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8 annually | |
adv.一年一次,每年 | |
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9 frustration | |
n.挫折,失败,失效,落空 | |
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10 endorsement | |
n.背书;赞成,认可,担保;签(注),批注 | |
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11 bullion | |
n.金条,银条 | |
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12 certified | |
a.经证明合格的;具有证明文件的 | |
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13 proximity | |
n.接近,邻近 | |
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