Bulk of gold smuggled from Africa exported to UAE,saysreport

Bulk of gold smuggled from Africa exported to UAE,saysreport

The UAE has been accused of being a leading recipient of tens of billions of dollars worth of gold smuggled out of Africa every year, reflecting growing concern over the illicit trade in the region’s precious metals.

In a comprehensive study, Swissaid estimated that about 435 tonnes of gold worth about $31bn were exported undeclared out of Africa in 2022 — a doubling of illicit volumes in a decade to about 40 per cent of the continent’s production, or 12 per cent of global mined supply.

The UAE, whose dominant regional trading hub Dubai is known for its gold market, accounted for 93 per cent of undeclared African exports, the NGO’s report said. The next two biggest importers were Switzerland and India.

After gold prices hit record highs earlier this year, the figures will intensify scrutiny of illegal mining in conflict zones such as the eastern Democratic Republic of Congo and Sudan as well as the role of the UAE’s precious metals industry.

Read more: ft.com

Photo: ft.com

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