Gold rush in Monaco

Selim Fendi, Dubai based gold-trader, has plans to open Monaco's first gold refinery to meet demand from local and global luxury brand jewellers.

The gold will be extracted from the mines of Colombia, Peru, Chile and Ecuador, and financed by the gold trading company that Fendi owns in Dubai, Noble Precious Metal.

Fendi said: “Major luxury groups have lined up to buy, mainly in Europe and the US. Some jewellery brands in Monaco buy gold at a premium because they want gold that hasn’t harmed the environment, was mined using fair labour conditions and is traceable and conflict-free.”

Gold from the Monaco refinery will guarantee jewellers that they are not using raw materials from armed conflict and war zones. Fendi continues, “The big luxury brands don’t have enough gold that is certified. We will have full traceability from mine to refinery.”

If you are planning a special purchased this year then Monaco may well be the place to go. Have a look at our accommodations options and start planning your trip in 2017.