UAE Ministry Of Foreign Trade Affirms Strong Regulatory Framework For Gold Sector Integrity

The UAE Ministry of Foreign Trade has addressed recent discussions about gold imports from Sudan. They highlighted the nation's position as the second-largest global hub for gold trading. The UAE imports gold from various countries worldwide, supported by a strong regulatory framework. This framework ensures security, integrity, and transparency in every transaction.

In 2024, the total value of gold transiting through the UAE reached US$186 billion. Of this, gold from Sudan accounted for US$1.97 billion, representing 1.06% of the total and less than 0.4% of the GDP. These figures underscore the UAE's significant role in global gold trade.

The Ministry emphasised that their procedures align with, and sometimes surpass, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. This alignment ensures that their practices are consistent with leading global gold-trading hubs.

Entities involved in the sector have established stringent regulatory standards. Gold refiners and precious metals dealers must adhere to enhanced due diligence measures before engaging with suppliers from Conflict-Affected and High-Risk Areas (CAHRAs). This approach helps maintain high compliance levels.

The UAE employs a risk-based strategy combined with strict regulatory oversight to prevent conflict-affected gold from entering legitimate supply chains. A comprehensive training program supports these efforts, reinforcing the integrity of the country's precious metals market.

"The UAE is the world’s second largest gold trading hub and, as such, imports gold from countries on every continent," stated the Ministry. "Over the last five years, we have developed a robust regulatory framework to maximise the security, integrity and transparency of every gold transaction."

Global Trust and Collaboration

The measures implemented by the UAE have gained trust from exporters worldwide who appreciate the stability and scope of its gold sector. The Ministry noted that they will continue collaborating with international bodies to ensure enforcement and reporting practices meet top global standards.

"Given the global gold community’s confidence in the UAE’s market," said the Ministry, "the effectiveness of our regulatory framework, and our strong commitment to the integrity of the gold trade, relevant entities in this sector will continue to collaborate with global bodies."

With inputs from WAM