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First with the News

Africa Loses Billions In Smuggled Gold Annually, UAE A Top Destination – Study

May 31, 2024
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By John Ikani

A new report by Swissaid, a development organization, has shed light on the concerning trend of gold smuggling out of Africa.

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The report estimates that in 2022 alone, over $30 billion worth of gold, or more than 435 metric tons, was illegally removed from the continent.

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The primary destination for this smuggled gold? The United Arab Emirates (UAE). The report highlights a significant discrepancy between the amount of gold African countries report exporting and the amount the UAE imports.

This gap suggests a substantial increase in gold smuggling over the past decade, with the amount widening from 234 metric tons in 2020 to 405 in 2022.

The report’s authors aim to raise awareness about the lack of transparency in the African gold trade. Increased traceability and responsible supply chains are crucial, according to Yvan Schulz, one of the report’s authors.

“We hope this will improve living conditions for local populations and working conditions for artisanal miners,” Schulz stated.

UAE as a Refining Hub

The UAE, a major player in the gold market, acts as a refining hub for much of this smuggled gold. The report estimates that between 2012 and 2022, a staggering 2,569 metric tons of gold, valued at roughly $115 billion, were smuggled into the UAE.
Once refined, the gold’s origin becomes virtually impossible to track, making it difficult to pinpoint its final destination.

Switzerland: Another Major Buyer

While the UAE is a key player in the refining process, Switzerland emerges as another major buyer of African gold. The report indicates that Switzerland imported an estimated 21 metric tons of undeclared gold from Africa in 2022.

This figure could be significantly higher when considering gold routed through third countries.

Challenges and Responses

The report acknowledges the difficulty in definitively tracing the origin of refined gold. The reliance on the UAE, a country described as “notoriously risky” for sourcing gold, further complicates the issue.

Both the UAE and Switzerland acknowledge the challenges identified in the report. The UAE government has severally stressed its commitment to combating gold smuggling and improving transparency within its gold sector.

The Swiss government also highlights ongoing efforts to enhance the traceability of gold flows and strengthen controls.

Recommendations for Change

The Swissaid report calls for a multi-pronged approach to tackle gold smuggling. Recommendations include:

  • African nations: Formalize artisanal mining practices and reinforce border controls.
  • Non-African nations: Publish data on the origin and dispatch countries of imported gold, and collaborate with authorities to identify illicit flows.

By implementing these recommendations and increasing transparency, stakeholders can work towards a more ethical and sustainable gold trade that benefits African nations and miners.

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