Malabar Gold & Diamonds reaffirms commitment to ethical sourcing

TDT | Manama                                                    

The Daily Tribune – www.newsofbahrain.com

One of the most significant challenges confronting the gold and diamond industry is the assurance of complete adherence to ethical and sustainable sourcing.

Accredited by the London Bullion Market Association (LBMA), Rand Refinery is one of the world’s leading gold and silver refiners and the only referee status Refiner in the southern hemisphere, making significant contributions towards setting industry standards with their 100% traceable and certified ‘RandPure’ Gold.

Malabar Gold & Diamonds, the 6th largest jewellery retailer globally with over 335 showrooms across 13 countries, has partnered with Rand Refinery to procure ‘RandPure’ gold, positioning itself once again as a major proponent of responsible business practices in the jewellery trade.

Shamlal Ahamed, MD, International Operations of Malabar Gold & Diamonds, received the first shipment of RandPure gold from Rand Refinery CEO Praveen Baijnath in the presence of Rand Refinery CFO, Mr. Dean Subramanian, and other senior officials from Malabar Gold & Diamonds.

RandPure gold is 100% ethically sourced, with completely traceable origins. Procured exclusively from Rand Refinery’s Securities Exchange-listed mines, the raw materials are processed in a segregated production line.

Each RandPure gold batch carries a distinctive ‘RandPure’ mark and a ‘Certificate of Assurance’, providing customers with essential details about the raw material, such as the country of origin, mining period, conflict-free nature, etc.

“Sustainability and responsible business practices have formed the core of our operations at Malabar Gold & Diamonds. Through our association with Rand Refinery and procurement of RandPure gold, we are reaffirming our commitment towards responsible and ethical sourcing by opting for gold that meets the strictest industry  norms, commented Malabar Group Chairman, M.P. Ahammed.

“We take our responsibilities very seriously. We have a century-long tradition of putting people, products, and the planet first and are known to exercise the highest level of rigour, well beyond the LBMA requirements. Throughout our history, we have contributed to building a robust mine-to-market value chain in Africa,” says Baijnath, CEO of Rand Refinery.

“Our volume of due diligence puts pressure on suppliers to improve practices and is a deterrent to anyone who wants to contaminate our supply chain," he continued. The traceability of RandPure Gold is subjected to an annual audit that is in adherence to conflict zone regulations and guidance from reputable organizations like the World Gold Council, LBMA, and OECD.

These guidelines, including the Global Precious Metal Code, encourage refineries to tackle human-rights violations, avoid contributing to conflicts in volatile regions, and adhere to high standards of internationally accepted environmental practices, Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT) policies.

Shamlal Ahamed, MD-International Operations, Malabar Gold & Diamonds, said: “The significance of sustainability gains additional prominence in the aftermath of COP 28, hosted by the UAE, where pivotal sustainability goals were established. The acquisition of RandPure gold serves as further evidence of our commitment as a conscientious jeweller, and the heightened levels of accountability associated with this pledge ensure our steadfast dedication to ethical sourcing.”

“Through our partnership with Rand Refinery, we aspire to establish a commendable precedent within the industry, encouraging other organizations to play their role in reshaping the gold supply chain with increased transparency, accountability, and ethical standards," commented Malabar Group Vice-Chairman Abdul Salam K.P.