I can sell it, but I don't need to, I want to turn my physical gold into digital and crypto tokens. But the tokenisation company says they won't take the bars because they are produced by a refinery that doesn't meet the UAE Good Delivery Standard (or LBMA) rules and requirements and was convicted of Money Laundering in 2020.
BUY GOLD WITH CRYPTO IN DUBAI
- Thread starter kokolokop
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How many kg of gold are we discussing?? You can "upgrade"/refine it to match good delivery standards at pamp . . See here Refining | MKS PAMP .
Section Upgrading on the page
4 KG as of now, but ideally in the nearest future 40 KG. This one is in Switzerland, I'd prefer to do it in Dubai, UAE. But here most of the refineries work only with companies, I bought this gold as an individual((
There isn't any lbma member refinery in the uae to my knowledge .
There are also options in the stan countries to refine . All from the same emirates gold refinery ?
There are now cracking down on refineries for money laundering , I don't think you will find something in the uae . https://www.mining.com/web/uae-suspends-32-gold-refineries-in-money-laundering-crackdown/
Do you have pos for your gold ingots ? Do they come from a legitimate source ?
I just found a solution. You can exchange gold bars in one of the Gold Market (Gold Souq) shops for a little exchange fee and get gold bars from the accredited refinery. They either can melt it for you at one of the refineries or simply exchange the bars with other ones. Both melting and exchanging do not cost a lot, around 34 USD.
Make sure that you don't get scammed . Don't rely only on a acid test . Get an XRF tester , because often they just coat it in gold and there is a tungsten core (tungsten almost same density as gold ) and also they can fake the engraved serial numbers etc..
But yeah you would also need a ultrasonic thickness gauge , because depending on the size of the tungsten core and the gold coating a XRF tester will return a false positive.
And if you are not so experienced , you could maybe hire some gold expert to accompany you
I can recommend the Kern und Sohn TN-GOLD-80 for Ultrasonic measuring . Ultraschall-Materialdickenmessgerät - extern TN GOLD 80 - KERN & SOHN: Waagen, Mikroskope & Messinstrumente
Last edited: Aug 14, 2024
very good, thanks for the valuable information.
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