In a move set to positively impact the gold industry, Dubai-based SML Gold has partnered with the Central African Republic to establish a joint venture aimed at enhancing gold transfer operations. This collaboration, SML GOLD RCA S.A., marks a significant step in the international gold market and promises substantial economic benefits for both entities involved.
The alliance between SML Gold and the Central African Republic is poised to leverage the strengths of both parties to streamline the gold transfer process.
SML Gold, based in Dubai’s Gold Souk, is a leading precious metal company specialising in investment, trading, logistics, and stocking with extensive expertise in secure gold transportation and storage. The company’s range of services includes secure storage solutions within its 400-vault facility and global door-to-door logistics that offer customers convenience and peace of mind. It also offers on-site production of bespoke jewellery, creating custom designs in gold and diamonds of various carat weights. Its commitment to quality shines through its team of skilled goldsmiths, who are dedicated to achieving the highest standards of craftsmanship.
Meanwhile, the Central African Republic, rich in natural resources, particularly gold, seeks to optimise its gold extraction and export processes through this partnership.
Fayçal Lalioui, Founder and Chairman of SML Gold, has been instrumental in forming this partnership. His recent visit to Bangui, the capital of the Central African Republic, included discussions with the President, Prof. Faustin-Archange Touadéra, and Minister Pascal Bida Koyagbélé, responsible for major works and strategic investments. The talks culminated in the decision to establish SML GOLD RCA S.A., a semi-public company that will oversee various facets of the gold industry in the CAR, from mining to international logistics and marketing.
Key components of the joint venture
The joint venture, SML GOLD RCA S.A., will focus on several critical areas:
• Gold purchasing counter: Establishing a purchasing counter to buy gold directly from local mines, ensuring fair prices and improving local miners’ livelihoods.
• Refinery and jewellery factory: Setting up a refinery and a factory to produce high-quality gold jewellery, thereby adding value to the raw material and creating jobs.
• Gold bank and exchange offices: Launching a gold bank and exchange offices to facilitate secure gold storage and trading, providing financial services backed by gold.
• International logistics: Managing the safe and efficient international transport of gold, leveraging SML Gold’s expertise in global logistics.
This venture will utilise blockchain technology to ensure full transparency and traceability in the gold supply chain, from extraction to sale. This system will connect directly with the Central African Republic’s Ministries of Mines, Finance, and Customs, streamlining operations and ensuring the government can monitor and manage gold resources effectively.
Economic and social impact
The partnership is expected to bring significant economic benefits to the Central African Republic. By centralising gold extraction and export processes, the Central African Republic can increase its revenue from this crucial natural resource, thereby returning wealth to its government and citizens. The establishment of a gold refinery and jewellery factory will also create job opportunities, contributing to the country’s economic development.
Additionally, the venture aligns with the Central African Republic’s broader economic strategy, which includes the creation of its cryptocurrency, Sangocoin. The integration of blockchain technology in gold operations will complement this strategy by enhancing transparency and efficiency in resource management.
For SML Gold, this partnership represents an opportunity to expand its influence in the global gold market. With operations already spanning the Middle East, Africa, India, and North America, SML Gold aims to establish itself as a leader in gold transportation and investment.
The SML GOLD RCA S.A. venture is just the beginning of a long-term vision to strengthen and expand the gold market in the CAR and beyond. Lalioui envisions a robust and sustainable partnership that will not only benefit the stakeholders but also contribute to the economic growth of the Central African Republic.
As this joint venture progresses, it will serve as a model for similar collaborations between resource-rich countries and global companies. The integration of advanced technologies and strategic partnerships is set to redefine the gold industry, ensuring mutual growth and prosperity.
For more information about SML Gold and its services, visit its website