The World Gold Council (WGC) and the Dubai Multi Commodities Centre (DMCC) have decided to work together to address the current challenges presented by the illegal trade of hand-carried gold in Dubai, which jeopardise the “integrity of the global gold market-” said Andrew Naylor, Global Head of Public Policy at the WGC.
This project aims to improve and standardise international regulations, dealing with a major gap in the responsible sourcing and trade of gold.
WGC and DMCC plan to form a strategy involving bringing together a group of industry stakeholders. The aim of their initiative is to identify the ins and outs of legitimate and illegal aspects associated with hand-carried gold. Through this collaboration, extensive research and analysis will be completed, focused on assessing the scale of illegal gold trade and exploring the role played by hand-carry methods in amplifying these challenges.
The envisioned outcome of this effort is a meticulously designed set of policy recommendations. These recommendations are set to encompass a wide array of aspects, including outlining the permissible forms of gold that can be hand-carried, defining acceptable personal limits for such transportation, and establishing standardised customs declaration and digital tracking processes.
This initiative marks a pivotal step towards creating a more transparent, accountable and secure environment within the global gold trade landscape. By engaging industry stakeholders and conducting thorough research, the WGC and DMCC seek not only to address existing challenges but also to proactively shape the future of responsible gold sourcing and trade. The emphasis on establishing international standards reflects a commitment to reducing the impact of illegal activities, whilst ensuring the continued integrity of the gold market.
As this effort unfolds, it holds the promise of reshaping the dynamics of hand-carried gold trade and promoting sustainable practices that resonate across the entire spectrum of the precious metal industry.By iGold. Published on 13th December 2023.