Abu dhabi: The Ministry of Foreign Trade has issued a statement on the regulations and policies governing the UAE's gold sector in light of recent reports on gold imports from Sudan.
According to Emirates News Agency, the UAE is the world's second-largest gold trading hub, importing gold from countries on every continent. Over the past five years, the UAE has developed a robust regulatory framework to ensure the security, integrity, and transparency of every gold transaction. This framework includes mandatory anti-money-laundering and know-your-customer protocols, annual audits, and full enforcement at all points of entry.
The Ministry stated that the UAE's procedures align with, and in some areas exceed, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. These measures are consistent with the world's leading gold-trading hubs. The relevant entities have set regulatory standards requiring gold refiners and precious metals dealers to comply with enhanced on-site and off-site due diligence before onboarding suppliers operating in or sourcing from Conflict-Affected and High-Risk Areas (CAHRAs).
The Ministry emphasized that the risk-based approach, strict regulatory oversight, and comprehensive training programs have effectively mitigated the risk of conflict-affected gold entering the legitimate supply chain. This, in turn, has reinforced the integrity of the UAE's precious metals market.
These measures have enabled the UAE to earn the trust of exporters worldwide, who recognize the stability and broad scope of its gold sector. The Ministry noted that in 2024, the combined value of gold passing through the UAE was US$186 billion, with Sudan accounting for US$1.97 billion, which amounts to 1.06 percent and does not exceed 0.4 percent of the Gross Domestic Product (GDP).
The Ministry concluded that, given the global gold community's confidence in the UAE's market and the effectiveness of its regulatory framework, the relevant entities in the sector will continue collaborating with global bodies to ensure that enforcement and reporting practices meet the highest international standards.