(Reuters) - Australia's ABC gold refinery, the refining division of Pallion Group, has received accreditation from the Shanghai Gold Exchange (SGE), the group said on Tuesday.
All official gold sales within China must occur through the exchange, making it the primary gateway into the world's largest gold market worth over A$341 billion annually, Pallion said.
ABC refinery is now one of the seven international companies which have received this accreditation. It is also Australia's only independent refinery accredited by both the London Bullion Market Association (LBMA) and the SGE.
"ABC Bullion is one of just seven global operations with access to the world's biggest gold market and amid fears of growing global trade protectionism, it has secured a new route to China's lucrative precious metals market," said Janie Simpson, ABC Bullion's managing director.
China is the world's biggest consumer and producer of bullion, while Australia is world's second-largest gold producer.
(Reporting by Swati Verma in Bengaluru; Editing by Subhranshu Sahu)
