Reference
Gold trade glossary
Bilingual explanations of the terms used to buy and sell gold from Guyana into Dubai.
Alluvial GoldGold recovered from rivers and creeks by dredge and sluice, often at naturally high purity.AssayThe test that determines the exact gold content of a sample; fire assay is the reference method, XRF gives a fast surface reading.Assay CardTamper-evident packaging that certifies a bar's weight and fineness, common on minted bars.Brinks-to-BrinksA secured logistics arrangement where gold moves vault-to-vault under an armoured carrier, never leaving the secured chain.BullionInvestment-grade gold in bar or ingot form valued by its metal content; investment gold is VAT zero-rated in the UAE.Chain of CustodyThe documented trail showing who held the gold at each step, from the mining region to the assay in Dubai.CIF DubaiCost, Insurance and Freight to Dubai; the seller covers shipping and insurance to the Dubai point of delivery.ConcentrateGravity-concentrated gold-bearing material from sluice or shaker-table recovery, sold on assayed contained gold.Discount to SpotThe margin below the LBMA spot at which semi-refined or raw gold trades, reflecting the refining and handling still required.DoreSemi-refined gold cast into bars at or near the mine, typically 85 to 95 percent pure, sold to refineries for final refining.DredgingA recovery method that lifts gold-bearing gravel from riverbeds or land for processing through sluices.Due DiligenceThe checks a buyer performs on the origin and counterparty of gold, increasingly required under UAE regulations.FinenessThe gold content of a bar expressed in parts per thousand; 916 fineness means 91.6 percent gold, and 999 means 99.9 percent.Fire AssayThe reference assay method, melting a sample to recover and weigh the actual gold, used for final settlement.FOBFree On Board; the buyer takes responsibility for the gold once it is handed to the carrier at origin.Good DeliveryA market standard for bars from accredited refiners that are accepted for trade without re-assay; the UAE has its own Good Delivery standard.HallmarkAn official mark stamped on gold to certify its purity, used widely on jewellery in the Gulf market.HS 7108The Harmonized System customs code for gold, including unwrought non-monetary gold under 7108.12.KaratA measure of gold purity in 24ths; 24 karat is pure gold, 22 karat is 91.6 percent, 21 karat is 87.5 percent and 18 karat is 75 percent.KilobarA one-kilogram gold bar, the workhorse format of the Dubai bullion market, usually 995 to 999.9 fineness.LBMA SpotThe benchmark gold price set through the London Bullion Market Association, against which most physical gold is priced.MillesimalThe parts-per-thousand system for expressing purity, such as 916 for 22 karat or 999 for 24 karat.NuggetA naturally formed piece of gold, often collector-grade and priced individually above melt value.Placer GoldGold from surface and near-surface deposits recovered by gravity methods.Reverse ChargeA VAT mechanism where the buyer accounts for the tax instead of the seller, applied to qualifying B2B gold supplies in the UAE.Sponge GoldPorous gold recovered from retorted amalgam or precipitation, settled on melt assay.TolaA traditional South Asian unit of gold weight equal to about 11.6638 grams, still quoted in the Dubai trade.Unwrought GoldNon-monetary gold in unworked forms such as bars, buttons and ingots, classified under HS 7108.12.VAT Zero-RatedInvestment gold of the required fineness is taxed at a zero VAT rate in the UAE, unlike standard-rated goods.XRFX-ray fluorescence, a fast, non-destructive method that reads the surface composition of gold for cross-checking.