Tackling the Illegal Trade of Hand-Carried Gold in Dubai
The World Gold Council (WGC) and the Dubai Multi Commodities Centre (DMCC) have teamed up to address the pressing issue of illegal hand-carried gold trade in Dubai, which threatens the integrity of the global gold market. Andrew Naylor, Global Head of Public Policy at the WGC, emphasized the importance of this collaboration.
This initiative aims to enhance and standardize international regulations, addressing a significant gap in the responsible sourcing and trade of
The WGC and DMCC plan to develop a comprehensive strategy by bringing together industry stakeholders. The goal of this initiative is to identify both the legitimate and illegal aspects associated with hand-carried gold. Through this collaboration, extensive research and analysis will be conducted to assess the scale of illegal gold trade and examine how hand-carry methods exacerbate these challenges.
The outcome of this effort will be a carefully crafted set of policy recommendations. These recommendations will cover various aspects, including specifying permissible forms of hand-carried gold, defining acceptable personal limits for such transportation, and establishing standardized customs declaration and digital tracking processes.
This initiative represents a crucial step towards creating a more transparent, accountable, and secure global gold trade environment. By engaging industry stakeholders and conducting thorough research, the WGC and DMCC aim not only to address existing challenges but also to shape the future of responsible gold sourcing and trade proactively. The focus on establishing international standards underscores a commitment to reducing the impact of illegal activities while ensuring the continued integrity of the gold market.
As this initiative progresses, it promises to reshape the dynamics of hand-carried gold trade and promote sustainable practices throughout the precious metal industry.
