Kaloti Jewellery Group, one of the world’s largest gold and precious metals refiners and trading houses, has begun construction of one of world’s largest gold and precious metal refineries in the Jumeirah Lakes Towers Free Zone, Dubai. The refinery is expected to be completed in late 2014.

The new refinery will cost $60 million; will cover an area of about 15,000 m2; will have capacity to produce up to 1,400 mt/y of gold and 600 mt/y of silver and other precious metals; and will include a mint department to produce gold ingots and coins.

The new plant will triple the size of Kaloti’s current refinery capacity and will employ the latest gold electrolysis technology from Italy and Switzerland, as well as the aqua regia process for gold refining. It will have two assaying laboratories for fire and ICP (inductively coupled plasma) assaying.

Kaloti Group Chairman Munir Kaloti said, “This represents a major investment in expanding and upgrading our refining facilities. This will be a state-of-the-art refinery to rival the best in the world.”