Customs officials are intensifying efforts to intercept passengers transporting unauthorised quantities of gold in their hand baggage. A collaborative initiative between the Dubai Multi Commodities Centre (DMCC) and the World Gold Council is gaining momentum to standardise international regulations and procedures, addressing the challenge of illicit gold trade by travellers and bridging gaps in responsible sourcing and gold trade.
The Growing Challenge:
Reports from Khaleej Times reveal an increasing number of intercepted attempts to hand-carry gold illicitly. The DMCC and World Gold Council are taking decisive steps to combat this issue, particularly as travellers from the UAE, India, China, Pakistan, Europe, the Americas, and other countries come under heightened scrutiny.
Partnership for Standardization:
The DMCC and World Gold Council collaboration seeks to establish standardised regulations, ensuring that travellers worldwide can carry a defined amount or value of gold in their hand-carry luggage. This strategic partnership, first reported by Khaleej Times, underscores a united front against the illicit trade of gold and jewellery in hand luggage.
Addressing Transparency and Responsibility:
Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasises the need for stricter measures on hand-carry gold due to its lack of transparency, potentially facilitating illicit trade. This collaborative effort aims to ensure responsible sourcing and curb the misuse of gold for illicit purposes.
Urgent Priority and Positive Impact:
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlights the urgent priority of stricter measures on hand-carry gold. He underscores the positive impact this initiative will have on legitimate gold mining communities globally, praising Dubai and the UAE for leading industry reforms.
Research and Global Consultations:
Both the World Gold Council and DMCC will conduct extensive research and engage with stakeholders worldwide to address both legitimate and illegal aspects of hand-carried gold trade. The focus will be on defining acceptable personal limits and establishing standardised customs declarations and digital tracking processes.
Future Implementation:
Once all parties reach a consensus on acceptable limits and standardised processes, the recommendations will be transformed into laws and implemented globally. This collaborative effort reflects a commitment to combat illicit gold trade and establish transparent, responsible practices in the hand-carrying of this precious metal.
