In the desert on the outskirts of Dubai, one of the world's biggest gold refineries is under construction. When completed in 2015, it is expected to help alter the balance of power in the global gold industry.
Growth in demand for the precious metal is shifting east, to Asia's fast-growing economies. But key industry activities such as refining and clearing - matching investors' buy and sell orders - remain dominated by Europe and the United States.
The USD60 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.
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