Australian gold company ABC Refinery, exclusive producer for ABC Bullion, has received accreditation from the prestigious Shanghai Gold Exchange (SGE), the body through which all official export gold sales to China must be processed.
The accreditation opens up new potential for ABC Refinery, who now has a door into China; one of the world’s biggest gold markets, the country currently accounts for nearly a quarter of global demand.
SGE required that ABC Refinery pass stringent quality tests, including the proviso that its bullion contain a minimum metallic gold purity of 99.99 per cent to qualify for accreditation to take place. It represents a significant step for both ABC Refinery and ABC Bullion, which is the bullion arm of precious metals major Pallion Group.
“Taking Australian gold to the world’s largest physical bullion market is a critical strategic initiative for ABC Refinery and the Pallion Group,” said ABC Refinery managing director Phillip Cochineas.
“It is also a significant demonstration of the strong bilateral trade between our respective countries and reflects the strong long term outlook for gold as well as an acknowledgment of the quality of Australia’s gold.”
Chinese Gold & Silver Exchange president Haywood Cheung said he was delighted about the accreditation, and called it an “integral part of the ‘one belt one road policy’ endorsed by the CGSE.”
China’s One Belt One Road initiative refers to the current $1 trillion push by the country for new global trade networks, including high-speed rail lines to Europe, Africa and Australia.