The United Arab Emirates remains a major hub for smuggled and conflict gold. According to a new SWISSAID report, in 2024 the country imported at least 591 tonnes of illicit metal. At current prices, this volume is valued at $74 billion, which is 42% of all UAE gold imports for the year.
The report covers the period from 2021 to 2025 and is based on interviews with more than 150 market participants. For 453 tonnes of the illicit gold, African origin can be traced, and another roughly 137 tonnes came from countries under international sanctions, including Russia, Yemen, and Sudan. “Illicit” here means metal either imported without proof of origin or produced in conflict zones.
In 2023, the UAE introduced stricter requirements for vetting counterparties in gold imports and exports. However, the effect was limited. Of 52 refineries reviewed, only two fully comply with the new rules. The rest operate with weak traceability systems, accept material from intermediaries, and do not conduct proper due diligence, and some, according to the authors, are even backsliding in compliance.
Marc Ummel, head of SWISSAID’s commodities program, called the results alarming: the UAE remains a hub for smuggled and conflict gold. This is critically important for Switzerland, since it is the main buyer of Emirati gold. In 2024, it imported 420 tonnes, and in 2026 it has already exceeded 400 tonnes.
SWISSAID proposes concrete measures. Among them is returning the UAE to the FATF list of jurisdictions with strategic deficiencies in combating money laundering and terrorist financing. It also proposes making penalties for violations tougher and public, requiring companies to disclose their gold suppliers, and strengthening customs control.
At the same time, the organization does not call for a complete halt to purchases from conflict zones. In the authors’ view, that would hurt legitimate artisanal miners. With proper due diligence, such regions can remain a source of raw material and at the same time an incentive to clean up the market.
The UAE case shows that regulations alone are not enough. Without real enforcement, supplier transparency, and accountability of refineries, illicit gold will continue to find its way to the global market, including Switzerland.
Source: MINING.COM
