In a move to address the challenges posed by the illicit trade of hand-carried gold, the World Gold Council (WGC), in collaboration with the Dubai Multi Commodities Centre (DMCC), has announced a strategic initiative. This project will seek to strengthen and standardize international regulations and procedures, addressing a crucial gap in the responsible sourcing and trade of gold.
Together, the two organisations will convene a group of industry stakeholders to identify the key challenges on both legitimate and illegal aspects of hand-carried gold and will conduct comprehensive research and analysis on the scale of illicit gold trade, focusing on the role of hand-carry methods.
The result will be a set of policy recommendations that will address the forms of gold that can be hand-carried, definitions of acceptable personal limits, and the establishment of standardized customs declaration and digital tracking processes.
Andrew Naylor, Head of Middle East and Public Policy, World Gold Council, said: “While the majority of gold is responsibly traded through a formal network, hand-carried gold does play a role in illicit trade, and our collaboration with DMCC is pivotal in addressing that challenge to the integrity of the global gold market.
This is also an important component of our strategic Gold247 programme, focussed on improving integrity and trust. Together, we aim to establish a framework that tackles the current challenges and also paves the way for a more secure and responsible future in the gold trade.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, added: “Stricter measures on hand-carry gold are an urgent priority. The positive impact that this initiative will have on the legitimate gold mining communities across the world is immeasurable. This is a prime example of how Dubai and the UAE are demonstrating a true desire to enact positive industry reforms, so we are proud to be working alongside the World Gold Council on this crucial matter.”