In the past decade, gold smuggling from Africa to the United Arab Emirates (UAE) has increased significantly, with hundreds of tons of gold worth billions of dollars entering the country annually through illicit channels.
A report published on Thursday by SwissAid, a Switzerland-based development assistance and advocacy organization, revealed that in 2022 alone, a total of 435 tons of gold entered the UAE through illegal means, with 405 tons originating from various African countries. This amount of gold is valued at $30 billion in the current market.
The report further highlighted that over the past decade, approximately 2,500 tons of gold have been smuggled into the UAE, with an estimated market value of $115 billion. SwissAid claimed that the smuggled gold had not been legally mined but was instead extracted unlawfully, bypassing legal and governmental regulations.
Since 2009, the global market price of gold has been on the rise.
According to SwissAid’s data, in 2022, around 500 tons of gold were legally mined from various global mines, while at least 443 to 596 tons were extracted illegally.
