What Is DMCC and Why Does It Matter for the Turkish Precious Metals Sector?

For Turkish jewellers, Dubai is the largest export market; and the institutional centre of precious metals trade in Dubai is DMCC. The Dubai Multi Commodities Centre is a free zone and commodity trading centre established in 2002 as an initiative of the Government of Dubai. Today it is owned by Investment Corporation of Dubai, Dubai's sovereign wealth fund, and is administered by the DMCC Authority, which has the character of a public authority.

This article has been prepared to introduce DMCC to the sector: what it is, what it certifies, how it differs from the LBMA and what it means for Turkish companies.

What Does DMCC Do?

DMCC performs three functions at once. The first is the free zone function: it licenses the companies operating in the zone. According to figures published by DMCC, there are more than 26,000 companies in the zone; more than 1,500 of them operate in gold and precious metals.

The second is the market infrastructure function. The Dubai Gold and Commodities Exchange (DGCX) and its clearing house, and the DMCC Tradeflow system, which keeps the records of possession and ownership of stored commodities, are part of this structure.

The third is the diamond side. The Dubai Diamond Exchange, established in 2004, is a subsidiary of DMCC and a member of the World Federation of Diamond Bourses. For this reason, DMCC is relevant to the Turkish sector not only for gold but also for the trade in precious stones.

From Dubai Good Delivery to UAE Good Delivery

In 2005, DMCC introduced the Dubai Good Delivery (DGD) standard: a regional acceptance framework for 1-kilogram bars of 995 fineness, alongside London's 400-ounce standard. A separate Market Deliverable Brand (MDB) accreditation was also established for refineries with a shorter operating history. Both were voluntary accreditations based on DMCC's own rules.

In November 2021, this framework was moved to the federal level and the UAE Good Delivery (UAEGD) standard was announced. The standard now operates under the bullion market committee chaired by the UAE Ministry of Economy; the refineries on the DGD list have been transferred to the new list. Since 21 July 2023, DGCX's clearing house has accepted on delivery only bars from refineries that are active members on the UAEGD list.

The practical consequence of this transformation is that the market still says "Dubai Good Delivery", but today the list that counts is the UAEGD list.

How Does It Relate to Other Standards?

DMCC is not a rival of the LBMA and the RJC but a centre that works alongside them. A mutual recognition arrangement with the RJC was established in 2013: accredited refineries that pass DMCC's audit are deemed to meet part of the RJC Chain of Custody standard, and refineries certified under the RJC Chain of Custody are also accepted by DMCC.

Every year DMCC organises the Dubai Precious Metals Conference. The speakers at the thirteenth conference, held in November 2025, included the chief executive of the LBMA. London and Dubai are two centres that follow each other and take each other's rules into account.

Who from Türkiye Is on the List?

The UAEGD lists are published at ugd.gov.ae. In the gold list dated January 2024, Ahlatcı Metal Rafineri appears as an active Turkish member. In the silver list dated August 2026, Gramaltın Kıymetli Madenler Rafineri is listed from Türkiye.

The list is not static. Some Turkish refineries that were on the list in the past now appear among former members. A supplier's position on the list should be verified against the current list on the transaction date.

What It Means for Turkish Companies

The link is threefold. The first is incorporation: according to DMCC's November 2025 announcement, more than 700 Turkish companies operate in the zone. The second is trade: the Comprehensive Economic Partnership Agreement between Türkiye and the UAE was signed on 3 March 2023 and entered into force on 1 September 2023; according to TİM data, the UAE was the leading market for Turkish jewellery exports in 2025. The third is the institutional relationship: on 31 August 2015, Borsa İstanbul and DMCC signed a memorandum of understanding covering responsible sourcing, storage and precious metals trade.

One limit should also be borne in mind: Borsa İstanbul's list of refineries is based on the refineries on the LBMA Good Delivery List and the refineries in Türkiye; it does not refer to the UAEGD list. The treatment in Türkiye of a bar accepted in Dubai is assessed separately under our own legislation.

Its Place on the State Support List

DMCC appears as an item on the Ministry of Trade's list of market entry documents eligible for support; the item lists the Dubai Good Delivery, Market Deliverable Brand and Responsible Market Participant certificates. Since DGD has been replaced by UAEGD and DMCC has no current publicly available rulebook for Responsible Market Participant, the current name and scope of the certificate should be verified before applying, with both DMCC and the exporters' association of which one is a member.

What Should Be Done?

• Find out whether your counterparty in Dubai is a DMCC-licensed company and what the scope of its licence is.
• In refinery sourcing, do not settle for the words "Dubai Good Delivery"; verify the refinery's position on the current UAEGD list.
• Take into account in the contract that a bar accepted in Dubai is assessed separately in Türkiye with respect to the Borsa İstanbul list.
• If you are considering setting up a company in DMCC, plan it together with the provisions of Turkish foreign exchange legislation (kambiyo mevzuatı) on outward investment and foreign currency transfers.
• Before applying for support, verify in writing the current name and scope of the certificate under the DMCC item.

Warning. The information in this article is for general information purposes and does not constitute a legal opinion. Foreign exchange and precious metals legislation is a frequently changing area; the amounts, rates, thresholds, time limits and dates in this article may change in line with the legislation in force. Verify the latest version of the legislation before every application and transaction. Current texts are available at mevzuat.gov.tr.

Source: Dubai Law No. 10/2020 and No. 15/2022 · DMCC Accreditation Rules v1.1 and v2/2020 · DMCC announcements (12 November 2025, 25 November 2025) · UAE Good Delivery membership lists (ugd.gov.ae) · DGCX announcement (21 July 2023) · Borsa İstanbul announcement (31 August 2015) · Türkiye–UAE Comprehensive Economic Partnership Agreement (Official Gazette of 27 April 2023, No. 32173, repeated issue) · Annex 1/B Market Entry Documents Eligible for Support (26 June 2026)

Related page: Importers and Exporters