Malabar Gold & Diamonds (MGD), the sixth largest jewellery retailer globally with over 335 showrooms across 13 countries, reaffirmed its commitment to ethical sourcing by procuring 100% traceable ‘RandPure’ Gold from Rand Refinery, South Africa, a statement said Tuesday.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, it was explained.MGD managing director (international operations) Shamlal Ahamed received the first shipment of RandPure gold from Rand Refinery CEO Praveen Baijnath, in the presence of CFO Dean Subramanian and other senior officials from MGD.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 & a ‘Certificate of Assurance’, providing customers with essential details about the raw material such as the country of origin, mining period and conflict-free nature."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 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,” said Baijnath.The traceability of RandPure Gold is subjected to an annual audit that is in adherence to conflict zone regulations and guidance from reputable organisations like the World Gold Council, LBMA, and OECD. These guidelines including the Global Precious Metal Code encourage refineries to tackle human-rights violations, avoid contribution to conflicts in volatile regions as well as adhere to high standards of internationally accepted environmental practices, Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies.Shamlal Ahamed, said: "The significance of sustainability gains additional prominence in the aftermath of COP28, 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.
December 12, 2023 | 10:54 PM