The Launching Ceremony of the SGEI Certified Vault (ICBC Shenzhen) was held in Shenzhen

Date: 2019-07-31

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On July 31st, 2019, the launching ceremony of the SGEI certified vault (ICBC Shenzhen) was held at the Industrial and Commercial Bank of China (Shenzhen Branch). The launch of the vault represents the significant progress of the opening-up and reform of China's gold market. It is an important measure to further influence the countries and regions along the “Belt and Road”, improve the physical flow of the international gold market, effectively promote the transformation and upgrading of the domestic gold industry, and better serve the real economy.

As the largest jewelry processing, manufacturing and wholesale center, as well as the largest information and material procurement center in China, Shenzhen, where nearly 70% of China's gold products are designed and processed, has the most advanced manufacturing productivity in the industry and plays an important role in the gold industry in Asia and the world. The launch of the SGEI certified vault in Shenzhen can further add variety to China's gold import channels, effectively improve the supply efficiency of physical gold, fulfill the function of serving the real economy, better meet the demands of the processing business of gold enterprises in Shenzhen, and accelerate the optimization and upgrading of the structure of the gold industry. 

As the only gold bonded vault in Shenzhen approved by Shenzhen Customs, the SGEI certified vault is established and operated with the help of the Industrial and Commercial Bank of China. It is constructed to high specifications and strict standards, and managed with information and technology, intelligence and automation. Its capacity is approximately 200 tonnes.

SGE’s International Member-- ICBC Standard Bank Plc completed the load-in process on the day of the launching ceremony; MTS Gold Global Trading Pte. Ltd. and United Overseas Bank (China) limited Shanghai Pilot Free Trade Zone Sub-branch (both are SGE’s International Members) also completed the first withdrawal of bullion with the domestic processing company--Chow Tai Fook, which represents the domestic gold processing and trading companies are accepting new sources of raw materials, providing more convenience for companies to conduct business and promoting the transformation and upgrading of the domestic gold industry. 

Nearly a hundred delegates attended the launching ceremony, including WU You, Deputy Secretary-General of Shenzhen Municipal Government, XIAO Zhijia, Counsel of the Shenzhen Municipal Financial Service Office, HU Futang, Deputy Counsel of Currency Gold and Silver Bureau of the People's Bank of China, TU Lin, Deputy Director of the Shenzhen Customs, JIAO Jinpu, Chairman of Shanghai Gold Exchange, GU Wenshuo, Vice President of Shanghai Gold Exchange, LI Baoquan, General Manager of the Precious Metals Department of the Industrial and Commercial Bank of China, MAO Qun, General Manager of the Operation and Management Department of the Industrial and Commercial Bank of China, SGE’s International Members, and other delegates from major gold producers and consumers and gold investment institutions from domestic and abroad.

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