DMCC warn EmGoldex not registered in the UAE

Observing a recent spate of investor recruitment taking place in Dubai, local media began to investigate EmGoldex.

Observing EmGoldex affiliates on social media claiming that ‘Emgoldex’s parent company, the Germany-based Gold and Silver Physical Metals KG, registered an online store in Dubai with the Dubai Multi Commodities Centre (DMCC), Gulf News approached the DMCC for comment.

The DMCC informed Gulf News that neither EmGoldex or Gold and Silver Physical Metals KG were registered.

a DMCC spokesperson denied that the companies [Emgoldex and Gold and Silver Physical Metals KG] are registered with the government regulator of commodities trading.

“Emgoldex is not a DMCC-licensed company. DMCC has taken steps to prevent further misuse of our name.”

What those steps entail remains to be seen, but it’s worth noting that up until recently, EmGoldex themselves were claiming to purchase gold in the UAE.

Following clarification by the DMCC, those claims have since vanished.

Further research by Gulf News uncovered an EmGoldex marketing video on YouTube, showing

a trade licence, certificate of incorporation, and certificate of registration of Emgoldex.

The video also claimed it is the online portal of a big Dubai-based gold manufacturing company duly licensed by the DMCC.

With the DMCC registration revealed to be bogus, Gulf News contacted the manufacturing company featured in the video.

Gulf News called the company and an official requested that its name not be mentioned in this article as “we are not having any ties with Emgoldex. It’s all a lie”.

Gulf News also made enquiries with the Dubai Gold and Commodities Exchange;

Gaurang Desai, Interim CEO of DGCX, said: “Emgoldex or its German parent company. Gold & Silver Physical Metals KG, are not registered broker members or partners of the Dubai Gold and Commodities Exchange (DGCX).

“DGCX is regulated by the Securities and Commodities Authority (SCA) in the UAE. All the broker members of DGCX are licensed by SCA and are required to maintain strict compliance with SCA-approved DGCX by-laws.”

SCA’s list of registered gold traders or brokers does not include either of the companies as well.

On 
any
level, it appears EmGoldex has no ties whatsoever to Dubai or the UAE.

This is important because

Mohammad Rashid Ali Lootah, Executive Director of Commercial Compliance and Consumer Protection (CCCP) sector in the Department of Economic Development (DED), Dubai, said neither of the companies is registered with DED.

He said no online store, especially those that sell or trade gold, can operate in Dubai without a licence. The penalty for doing so varies but starts from Dh5,000.

Now of course EmGoldex have no physical presence in Dubai, being run out of Europe, so local penalties are likely to be of little worry for them.

Gulf News found that the purported office of Emgoldex in Jumeirah Lakes Towers belongs to a consulting company. The receptionist of the company said Emgoldex used to rent that s

🤖 Quick Answer

Is EmGoldex registered with the Dubai Multi Commodities Centre (DMCC)?

What claims were made by EmGoldex affiliates regarding DMCC registration?
EmGoldex affiliates claimed on social media that the company's parent entity, Gold and Silver Physical Metals KG, had registered an online store in Dubai through the Dubai Multi Commodities Centre, suggesting official regulatory oversight and legitimacy.

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