In the desert on the outskirts of Dubai, one of the world's biggest gold refineries is under construction. When completed next year, it will help to alter the balance of power in the global gold industry.

Gold imports and exports handled by Dubai shot up to $75 billion in 2014 from $6 billion in 2003; nearly 40 percent of the world's physical gold trade passed through Dubai last year, according to the Dubai Multi Commodities Centre.

But the region's refining clout has lagged. Annual capacity in the United Arab Emirates is about 800 tonnes, including a 450-tonne refinery currently operated by Kaloti; Switzerland dominates the industry with over 3,000 tonnes, accounting for roughly 50 percent or more of global refining.

Kaloti's new refinery will have an annual capacity of 1,400 tonnes of gold and 600 tonnes of silver, making it more than three times the size of any of the UAE's current refineries.