UAE-based refiner SAM Precious Metals plans on expanding globally as market value is estimated to reach US415 bn by 2028
Dubai, UAE, October 18, 2022
The Middle East Precious Metal Refining Market size is forecast to reach US$25.3 billion by 2027.
The global Precious Metal Market was worth US$240.5 billion in the year 2021.
The market is projected to grow at a CAGR of 8.1%, to US415.3 billion by the end of 2028.
SAM Precious Metals, a UAE-based refiner, is planning to set up around 13 refineries around the globe. Established and headquartered in Dubai, the city of gold, SAM Precious Metals is one of the top gold and silver refineries in the UAE and is globally renowned in the industry with high-end and state-of-the-art facilities in Dubai and Egypt.
The company is a significant player in UAE and has an excellent vision to expand globally. The day-to-day operations of the organization are overseen by a group of seasoned executives who come from a wide range of backgrounds having more than 300 years of collective professional experience.
The Middle East Precious Metal Refining Market size is forecast to reach US$25.3 billion by 2027 after growing at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period 2022-2027. Precious metals are available in a wide range of product types which include gold, iridium, silver, platinum, palladium, ruthenium, and others. They are used for a wide range of applications which include jewellery, watches, catalysts, automotive, electronics, antimicrobial agents, and other similar applications.
A recent study conducted by the strategic consulting and market research firm, BlueWave Consulting, revealed that the Global Precious Metal Market was worth US$240.5 billion in the year 2021. The market is projected to grow at a CAGR of 8.1%, earning revenues of around US415.3 billion by the end of 2028. The Global Precious Metal Market is booming because of the increasing demand from end-use industries.
Mr. Sami Abu Ahmad, Chairman of SAM Precious Metals, a man with incredible vision, is behind this company. He is equipped with more than 22 years of extensive experience in establishing, operating, and managing gold and precious metals refineries in the UAE. Prior to establishing SAM Precious Metals, Mr. Sami had successfully founded and managed two remarkable refinery brands. Under his leadership, the company has succeeded in getting the Responsible Jewellery Council(RJC) COP and COC Certification and UAE Good Delivery for Gold and Silver Accreditation –. SAM has been certified for RJC Code of Practices (COP) since May 2019. – The COP provides a common standard for ethical, social, human rights and environmental practices.
Further, they are the first refinery in the whole Middle East to become a Chain of Custody (COC) Certified Entity. Also, they are the first refinery to get the same in Egypt. The RJC’s CoC Standard defines the requirements for creating a CoC of precious metals that are responsibly produced, processed, and traded through supply chains, and that are third-party assured at every stage.
The main target of opening 13 refineries worldwide is to link the producing countries with the consuming countries. They have plans to have footprints of SAM Precious Metals across the world and establish the brand as an international brand. The aim of Mr. Sami Abu Ahmad is to establish SAM Precious Metals as a household name. – The key goal of SAM is to create a brand that offers sustainable value, while operating in a culture of responsible sourcing, and demonstrating excellence in performance, innovation, governance, trust, and respect.
SAM Precious Metals has recently signed a 10-year contract with the concerned authorities to procure a facility in Dubai Production City, which is 65,000 square feet. Along with the current refinery, this will make the company space to total approximately 87,000 square feet, making SAM one of the biggest refineries in the world. This is not just about the capacity but also about the value-added products. They are planning on expanding their products.
Mr. Mohammad Ayyob, General Manager, SAM Precious Metals, said, “The primary focus of SAM is not only to establish itself as a key player in the bullion industry, but also to position itself as a market leader in developing value-added products that have applications in jewelry, catalysts, medicine, electronics, automotive, and aerospace industries.”
Currently, SAM is offering minted bars ranging from 1 gram to 250 grammes with different shapes and trademarks. SAM currently has five exclusive trademarks and will start producing precious chemicals used in the precious metal industry.
Mr. Ayyob further added that “The objective of establishing 13 refineries is to ensure that SAM is able to cater to the specific requirements of each market while operating in compliance with the best international standards and regional regulations.”
The top management of the company is always on the grounds, so they are spending several hours in the factory ensuring that all the standards are maintained.
Mr. Ahmad Abu Ahmad, Deputy General Manager, SAM Precious Metals said, “We want to provide our customers with the best quality products and services at competitive prices and timing. We want to ensure that SAM Precious Metals will become one of the top refineries in the world.”
The company have already fulfilled the initial phase of opening refineries. They opened refineries in Egypt in 2021 along with Dubai and moving towards bigger achievements with support from their fantastic team.
“We are very confident that soon we will achieve all our objectives. We have already expanded to Egypt, and hopefully, there will be many more,” added Mr. Ahmad Abu Ahmad.
The company believes in being environmentally responsible and is trying to take steps to conserve energy and curb the amount of pollution. Mr. Ahmad said that “No waste goes out of SAM’s factories. All the solid waste is sent to ash refineries where it is recycled; we have a recycling plant for water within our factory itself and all gases generated from the processes is closely monitored and ensured to be within the limits prescribed by the government.”
According to Mr. Sami’s ideology, the primary investment and the main asset of his company is manpower. Everyone in the refinery is like a family member. The organisation believe that every day is a new learning, a new challenge, and they want to keep improving their standards. They have been closely working on the development of their staff and focusing on enhancing the skillset of their manpower.
Mr. Sadi Ahmad, Global Head of Legal & Compliance, SAM Precious Metals, says,“The heart of the organisation is the people we are working with, so while they are contributing to our development, we should also contribute towards their development. This is something we are focusing on.”
While commenting on the regulatory and compliance framework, Mr. Sadi said, “When we talk about the regulatory framework, we have one of the strongest management systems and compliance you can see in the whole precious metals industry. You will be amazed to see our due diligence in account opening and transaction monitoring. Responsible Sourcing is a fundamental and highly significant principle for SAM Precious Metals.”
“It has taken many years to develop, but we are very confident in our developed systems. At the same time, we are looking to improve every day regarding compliance.”
“It is a challenge for compliance to do its work in most places. However, at SAM the Senior Management is committed to drive SAM’s Governance and Compliance standards to an even higher level. The decision-making on whether to onboard or reject a client has solely been given to the compliance team without any interference from the management. SAM is a place where we have focused on making compliance an independent function, which talks about the integrity of the department; there is no influence from the management or anybody. We are an independent structure within the organization.”
SAM Precious Metals refinery is unique and comes from a lot of hard work. They are determined to create a sustainable precious metal value chain for their customers and work responsibly by adhering to all the regulations.
