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In the desert on the outskirts of Dubai, one of the world's biggest gold refineries is under construction.The $60 million refinery being built by Kaloti Precious Metals in Dubai is part of efforts to change that pattern, as is a plan by the Dubai Gold and Commodities Exchange to introduce a spot gold contract this June.Gold imports and exports handled by Dubai shot up to $75 billion in 2014 from $6 billion in 2003; nearly 40 percent of the world's physical gold trade passed through Dubai last year, according to the Dubai Multi Commodities Center.Annual capacity in the United Arab Emirates is about 800 tons, including a 450-ton refinery currently operated by Kaloti; Switzerland dominates the industry with over 3,000 tons, accounting for roughly 50 percent or more of global refining.Kaloti's new refinery will have an annual capacity of 1,400 tons of gold and 600 tons of silver, making it more than three times the size of any of the UAE's current refineries.In April, the Dubai Gold and Commodities Exchange, which currently trades gold futures, said it would introduce a spot gold contract this June.
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