World Gold Council, DMCC, gold smuggling: In a proactive move to tackle the challenges of illicit hand-carried gold trade, the World Gold Council (WGC) collaborates with the Dubai Multi Commodities Centre (DMCC) to announce a strategic initiative. The project aims to fortify and standardize international regulations, bridging a crucial gap in the responsible sourcing and trade of gold.
Both organizations will convene industry stakeholders to address key challenges in both legitimate and illegal aspects of hand-carried gold. The initiative includes 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 addressing permissible forms of hand-carried gold, definitions of acceptable personal limits, and the establishment of standardized customs declaration and digital tracking processes.
In aWorld Gold Council Press Release Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, stated, “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, focused 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 of DMCC, emphasized, “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.”
Numerous cases of gold smuggling are reported monthly in India, prompting the Customs Department and Directorate of Revenue Intelligence (DRI) to take proactive measures against the illegal transportation of gold through various airports.
