Billions in African Gold Smuggled to UAE, Raising Concerns
- May 31, 2024 02:03am
- 133
A groundbreaking report reveals a staggering $30 billion worth of African gold smuggled out of the continent in 2022, primarily ending up in the United Arab Emirates for refining and distribution. The trade, largely undisclosed and undocumented, raises ethical and economic concerns, prompting calls for greater transparency and traceability in the industry.
Billions of dollars in gold are illicitly smuggled out of Africa each year, enriching foreign interests while undermining local economies and fueling environmental degradation. A recent report by Swissaid, an aid and development organization, sheds light on this illicit trade, revealing that over $30 billion worth of gold, or more than 435 metric tons, was smuggled out of Africa in 2022 alone.
The report identifies the United Arab Emirates (UAE) as the primary destination for this illicit gold, with around 405 metric tons of undeclared African gold flowing into the country in 2022. This represents the culmination of a decade-long trend, with around 2,569 metric tons of undeclared African gold, valued at $115 billion, entering the UAE between 2012 and 2022.
The report highlights the alarming gap between the UAE's gold imports from African countries and its subsequent exports, suggesting a significant portion of this gold is smuggled out of Africa. For example, the gap widened from 234 metric tons in 2020 to 405 in 2022.
While the UAE remains a central player in the global gold trade, the report emphasizes the ethical and economic risks associated with the illicit sourcing of gold from Africa. Concerns surrounding gold smuggling include environmental destruction, human rights violations, and the financing of armed conflicts in gold-producing regions.
Switzerland, another significant buyer of African gold, plays a role in this illicit trade, importing around 21 metric tons of undeclared gold from Africa in 2022. However, the actual figure could be higher, considering the possibility of African gold being imported through third countries.
The report underscores the difficulties in tracking the flow of illicit gold due to the refining process, which obscures the true origins of the metal. Once gold is refined, it becomes virtually impossible to determine its source or identify any illegalities associated with its extraction or transportation.
To address these issues, the report recommends a multifaceted approach. It urges African states to formalize artisanal and small-scale mining operations and strengthen border controls to combat gold smuggling. Non-African states are encouraged to disclose the countries of origin and dispatch of imported gold and collaborate with authorities to identify illicit gold flows.
The report's authors emphasize that enhancing transparency in the gold trade is crucial for improving the living conditions of local populations and the working conditions of artisanal miners throughout Africa. It highlights the need for greater accountability and responsible sourcing practices in the global gold industry.
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