Dubai-based SML Gold company has entered into an alliance with the Central African Republic (CAR) to form a joint venture aimed at improving gold transfer operations. The cooperation, which resulted in the creation of SML GOLD RCA SA, experts say, marks a significant step in the international gold market and promises significant economic benefits for both parties.
The alliance between SML Gold and the Central African Republic is designed to streamline the gold transfer process. SML GOLD RCA SA, a semi-public company, will oversee various aspects of the gold mining industry in the CAR, from mining to international logistics and marketing.
In particular, according to plans, the joint venture will purchase gold directly from local mines, which will ensure fair prices and improve the living conditions of local miners. The company will also build a refinery and a factory for the production of high-quality gold jewelry; opening a gold bank and exchange offices to ensure safe storage and trading of gold, providing financial services backed by gold. In addition, the company will be responsible for the safe and efficient international transportation of gold, taking into account SML Gold's existing experience in global logistics.
This venture will use blockchain technology to provide complete transparency and traceability of the gold supply chain, from mining to sale. This system will link directly to the Central African Republic's ministries of mining, finance and customs, streamlining operations and ensuring that the government can effectively monitor and manage gold resources.
The partnership is expected to bring significant economic benefits to the Central African Republic, which, through the centralization of gold mining and export processes, will be able to increase state revenues. The launch of a gold processing plant and a jewelry factory will create new jobs. In addition, the venture is in line with CAR's broader economic strategy, which includes the creation of the Sangocoin cryptocurrency. Integrating blockchain technology into gold transactions will complement this strategy by increasing transparency and efficiency in resource management.
For SML Gold, this partnership represents an opportunity to expand its influence in the global gold market. SML Gold already operates in the Middle East, Africa, India and North America and aims to establish itself as a leader in gold transportation and investment.
Hélène Tarin, Editor in Chief of the Asian Bureau, Rough&Polished
