The Ministry of Foreign Trade confirms the stringency of the regulatory framework for the gold sector in the UAE

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 about gold imports from Sudan. The following is the text of the statement:

(The UAE is the second largest center for gold trade in the world, and therefore imports gold from exporting countries on all continents of the world. Over the past five years, it has developed an effective regulatory framework to enhance the security, safety and transparency of all transactions in the field of gold. This includes mandatory anti-money laundering and know-your-customer procedures, annual audits, and comprehensive implementation at all entry points that fully comply with our regulatory procedures, and sometimes even exceed them, in addition to the OECD’s guidelines for due diligence for responsible supply chains of metals from Conflict-affected and high-risk areas, it also meets the standards of the world’s leading gold trading centres.

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

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

Together, these measures have enabled us to gain the confidence of exporters from all over the world, who are aware of the stability and broad scope of our gold sector. Here it must be noted that in 2024 the total value of gold that passed through the UAE reached 186 billion US dollars, of which only 1.97 billion dollars came from Sudan, or 1.06%, which does not exceed 0.4% of the GDP.

In light of the international gold community’s confidence in the UAE market, the effectiveness of the applied regulatory framework, and the strong commitment to preserving 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.