UAE clarifies gold import rules amid Sudan reports

The Ministry of Foreign Trade issued a statement regarding the regulations and policies governing the gold sector in the UAE, in light of recent reports on gold imports from Sudan.

The ministry clarified that in 2024 the total value of gold that passed through the UAE amounted to US$186 billion, of which only US$1.97 billion came from Sudan, representing 1.06 per cent, which does not exceed 0.4 per cent of the GDP.

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The ministry began its statement by highlighting that the UAE is the second largest gold trading centre in the world, and therefore imports gold from exporting countries on every continent.

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Over the past five years, it has put in place an effective regulatory framework to enhance the security, safety, and transparency of all gold transactions.

This includes mandatory anti-money laundering and customer knowledge procedures, annual audits, and comprehensive application at all points of entry that fully comply with, and sometimes exceed, the regulatory procedures, in addition to the OECD guidelines for due diligence on responsible supply chains of metals from conflict-affected and high-risk areas. It also complies with the standards of leading global gold trading centres.

The relevant authorities have established regulatory standards that require gold refineries and precious metals traders to strictly conduct enhanced on-site and off-site due diligence before including any supplier operating in or importing from conflict-affected and high-risk areas.

This risk-based approach, coupled with strict regulatory oversight and supported by a comprehensive training programme, has effectively reduced the risk of conflict-affected gold entering the legitimate supply chain and has enhanced the integrity of the precious metals market in the UAE.

These measures, taken together, has enabled the UAE to gain the confidence of exporters from all over the world, who recognise the stability and wide scope of its gold sector.

"Based on the international gold community’s confidence in the UAE market, the effectiveness of the regulatory framework in place, and the strong commitment to maintaining the integrity of the gold trade, stakeholders in this sector will continue to work in partnership with global bodies to ensure that our enforcement and reporting practices meet the highest international standards," the statement concluded.