International Gold Quarter
The International Gold Quarter is a renowned area in London, England, that serves as a global hub for the gold and precious metals industry. Located in the Hatton Garden district, it is home to a vast concentration of businesses involved in all aspects of the gold trade.
History
The Gold Quarter’s origins can be traced back to the 13th century, when goldsmiths and jewellers settled in the area. Over the centuries, it became a center for the gold and silver trade, attracting merchants and artisans from around the world. In the 19th century, the Gold Rush and the establishment of the London Gold Exchange further cemented its status as a global hub.
Businesses
Today, the International Gold Quarter is a thriving district that accommodates numerous businesses related to the gold industry. These include:
* Gold refineries: Refineries process raw gold into high-purity bullion bars.
* Bullion dealers: Dealers buy and sell physical gold bars and coins.
* Jewellers: Jewellers design, manufacture, and retail gold jewellery.
* Vaults: Vaults provide secure storage for physical gold and other precious metals.
* Assay offices: Assay offices verify the purity and weight of gold and other metals.
* Trade bodies: Trade associations represent the interests of the gold industry.
Importance
The International Gold Quarter plays a crucial role in the global gold market:
* Price setting: The London Gold Fixing, which sets the daily gold price, takes place in the Gold Quarter.
* Liquidity: The Gold Quarter provides a concentration of buyers and sellers, ensuring a highly liquid market.
* Expertise: The area is a hub for industry experts, providing access to knowledge and technical skills.
* Regulation: Authorities such as the UK’s Assay Office and the London Bullion Market Association (LBMA) have offices in the Gold Quarter, ensuring market integrity and compliance.
Legacy
The International Gold Quarter is a testament to the enduring importance of gold as a valuable metal. It continues to be a vibrant and influential center for the global gold industry, playing a vital role in facilitating trade, setting prices, and ensuring market integrity.
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