UAE announces new rules for carrying gold in hand luggage
Worldwide initiatives are underway to reduce the illegal hand-carry gold trade as customs officials seize an increasing number of passengers with prohibited sums of gold in their hand luggage.
Global Collaboration Aims to Regulate the Hand-Carry Gold Trade
The Dubai Multi Commodities Centre (DMCC) and the World Gold Council are collaborating to standardize international regulations and procedures, addressing challenges in the responsible sourcing and trade of gold.
Efforts to Standardize Regulations:
The DMCC and the World Gold Council are working together to establish standardized regulations for the hand-carry gold trade. This collaborative effort aims to create a global framework that allows travelers across various countries, including the UAE, India, China, Pakistan, Europe, and the Americas, to carry a specified amount or value of gold in their hand luggage. The objective is to close the gap in responsible sourcing and trade practices.
Addressing Illicit Trade and Transparency Concerns:
Andrew Naylor, the head of Middle East and Public Policy at the World Gold Council, emphasizes the lack of transparency in hand-carrying gold across borders, leading to the potential facilitation of illicit trade. The initiative focuses on introducing stricter measures for hand-carrying gold to ensure responsible sourcing and prevent the misuse of gold for illicit purposes.
Positive Impact on Legitimate Gold Mining Communities:
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, underscores the urgent need for stricter measures on hand-carry gold. He expresses confidence in the positive impact of the initiative on legitimate gold mining communities worldwide. The collaboration reflects Dubai and the UAE's commitment to positive industry reforms.
Research and stakeholder engagement:
Researchers from the World Gold Council and DMCC will meet with interested parties all around the world, including in the United Arab Emirates, China, Europe, and the United States. The role of hand-carry methods in the authorized and illicit portions of the gold trade will be the primary focus.
Implementation of Recommendations:
Once all stakeholders agree on acceptable personal limits and the establishment of standardized customs declaration and digital tracking processes, the recommendations will be translated into laws and implemented worldwide. This collaborative effort signifies a commitment to regulating the hand-carry gold trade and promoting responsible practices in the industry.