Dubai’s Bullion Hub Comes of Age: DBRG and the Next Chapter for the UAE

By MOHAMMAD AYYOB, Chairman, Dubai Business Group for Bullion and Gold Refinery (DBRG)

Gold rarely draws attention for what it reveals about institutions. But in the United Arab Emirates, it does. Since the UAE’s formation in 1971, bullion has echoed the country’s wider economic evolution – from informal trade to scale, infrastructure and, increasingly, regulatory ambition.

Dubai’s gold trade began modestly, with shipments ferried across Deira Creek and bargains struck in the Gold Souk. Over decades, that commerce hardened into an integrated system of refineries, banks, vaults and logistics firms. Geography amplified the shift. Positioned between Africa, Central Asia and the Indian subcontinent, the UAE emerged as a natural intermediary between producers and consumers across the Global South.

More than 20% of the world’s physical gold trade is now estimated to pass through the UAE, with annual flows exceeding $200 billion – second only to Switzerland.

Scale followed. More than 20% of the world’s physical gold trade is now estimated to pass through the UAE, with annual flows exceeding $200 billion – second only to Switzerland. Gold and silver have become central to the country’s non oil economy, tying it commercially to markets such as India, Turkey, Hong Kong and Switzerland. Yet volume alone is no longer the measure of relevance. As scrutiny over provenance, compliance and financial crime has intensified by bringing responsible sourcing binding on every dealer and refinery, confidence has become as valuable as capacity.

That shift explains the growing importance of standards. The UAE Good Delivery (UAEGD) programme is less a branding exercise than an attempt to move the country’s role in the gold market from facilitator to rule shaper. Modelled on international benchmarks, it embeds requirements on responsible sourcing, governance, compliance and transparency – traditional weak points in the global bullion trade.

This matters because gold is unlike most commodities. It sits at the intersection of finance, geopolitics and culture, and its opacity has long invited abuse, from money laundering to sanctions evasion. Jurisdictions that host large trading volumes therefore face a choice: profit from ambiguity or constrain it. By advancing UAEGD and making responsible sourcing and AML/CFT requirements binding, the UAE has opted for constraint.

External recognition suggests the approach is gaining traction. The inclusion of UAEGD refined bars for delivery on India’s International Bullion Exchange and the Multi Commodity Exchange is more than procedural. For the world’s second largest consumer of gold, it signals trust; for the UAE, it offers validation from a market that confers it sparingly.

This is how influence is accumulated in modern commodity markets – less through controlling flows than by setting the terms under which they circulate. Switzerland did so through refining and finance; London through pricing and clearing. The UAE now appears intent on doing so through strong governance, responsible sourcing, compliance and transparency.

Whether that influence holds can only be judged under pressure. On that score, a recent period of unprecedented geopolitical conflict offered a revealing stress test. Gold flows slowed briefly as uncertainty rippled through markets and logistics adjusted. The pause was shallow and the recovery quick. Within weeks, the system had resumed servicing producers and consumers across continents. The episode affirmed that the UAE’s gold trade is defined increasingly by credibility within a highly networked, trader driven market – and by an ability to sustain that credibility when conditions are at their most testing.

A Unified Voice for the Industry

Against this backdrop, the Dubai Business Group for Bullion and Gold Refinery (DBRG) was launched in February 2025 under the auspices of Dubai Chambers. Its creation marked a step change for the UAE’s precious metals industry, bringing refiners, bullion traders, logistics firms, vaulting providers, assay laboratories and financial institutions into a single forum able to engage regulators, policymakers and international counterparts coherently.

DBRG’s four-tier membership structure — comprising Principal Members, Member Banks, Contributing Members and Affiliate Members — reflects the actual composition of the UAE bullion market.

DBRG’s mandate is pragmatic and narrow by design: to support regulatory alignment with international norms, to raise standards on responsible sourcing and AML/CFT compliance across the value chain, and to encourage structured dialogue within a fragmented market. Structured as a not for profit association, its governance and operating framework are benchmarked against established global bullion bodies, signalling an emphasis on institutional credibility over advocacy by volume.

DBRG’s four-tier membership structure — comprising Principal Members, Member Banks, Contributing Members and Affiliate Members — reflects the actual composition of the UAE bullion market. Admission is conditional on a confidential compliance and KYC review prior to Board consideration, balancing data protection with effective oversight. Principal Members are established refiners and bullion trading houses; Member Banks are regulated by the Central Bank of the UAE, the DFSA or ADGM; Contributing Members supply essential services including logistics, technology, insurance and assaying; and Affiliate Members extend participation to smaller licensed operators, ensuring the Group remains representative of the whole industry rather than only its largest participants.

Code of Conduct Fit for a Global Hub

In April 2026, DBRG adopted a binding Code of Conduct applicable to all members and officers. The Code sets expectations on integrity, regulatory compliance, transparency and professionalism, while explicitly anchoring obligations to UAE AML/CFT laws, sanctions requirements and responsible sourcing standards aligned with the OECD Due Diligence Guidance.

It introduces disclosure requirements covering politically exposed persons, conflicts of interest and material compliance events, alongside a formal investigation and disciplinary framework. Annual compliance declarations, signed by senior management, are intended to embed accountability into routine governance rather than treat it as an exception.

Building Bridges: Partnerships and Initiatives

Over the past year, DBRG has formalised service partnerships with specialist providers, including AKW, Suntech, Orosoft and FinMet, across operational and compliance functions, while advancing engagement with bullion associations and peer bodies in key producing, refining and consuming markets.

The Group is also developing a structured programme of industry sessions and technical training focused on responsible sourcing, supply chain due diligence, regulatory engagement and compliance. Its digital platform, launched in April 2026, centralises onboarding, publications and consultations. A member advisory function, activated during recent regional disruptions affecting logistics, insurance and trade finance, has already demonstrated the value of coordinated engagement with Dubai Chambers and the Ministry of Economy.

The Road Ahead

The UAE’s position in global bullion markets rests on trust, efficiency and connectivity in a highly entrepreneurial market. DBRG’s role is to preserve these strengths as regulatory, geopolitical and market pressures increase. Priorities for the year ahead include broadening membership, deepening compliance culture, supporting global responsible sourcing initiatives and reinforcing Dubai’s role as a convening centre for industry dialogue, including through partnerships such as the Dubai Precious Metals Conference.

Regional coordination will be central to that effort. DBRG intends to work closely with SBMA and peer associations on shared priorities: transparent benchmarks during Asian trading hours, interoperable Good Delivery standards, aligned responsible sourcing frameworks and deeper cross border liquidity in gold and silver. Through DBRG, the UAE aims to engage the region as a participant shaping market architecture, rather than as a passive conduit for flows.

The UAE’s story in bullion is moving from scale to standards, and from standards to leadership. DBRG exists to ensure that journey is industry-led, globally aligned, and built to endure.

Mohammad Ayyob is Chairman of the Dubai Business Group for Bullion and Gold Refinery (DBRG). A senior leader in the UAE precious metals industry, he is leading DBRG’s efforts in bringing together refiners, traders, banks, and service providers under a unified industry platform. DBRG operates under Dubai Chambers as the representative industry body for the UAE bullion and refining sector.