Gold Trade: UAE Import Numbers Defy New Sanctions

The United Arab Emirates imported at least 591 tons of illicit gold valued at $74 billion in 2024, according to a report released by Swissaid. The Swiss-based aid and development group found that the country remains the primary destination for gold smuggled from war zones. This volume of trade occurred one year after the UAE implemented new regulations intended to tighten control over the precious metal supply chain.

The report states that gold originating from conflict zones, Russia, or African countries accounted for 42% of the UAE's total gold imports in 2024. Swissaid identified Dubai refineries as the main entry point for this metal. Approximately 453 tons of the smuggled gold, worth more than $56 billion, came from African gold-producing nations. Guinea, Mali, and Sudan were named as key sources in the document.

Sudanese gold played a major role in the trade. The report found that nearly 29 tons of gold originated in Sudan, a country currently under international sanctions. U.N. experts attribute the flow of this metal to the ongoing war between the Sudanese military and the paramilitary Rapid Support Forces. The RSF controls gold-producing areas in the Darfur and Kordofan regions, using the proceeds to finance their military operations. Marc Ummel of Swissaid stated that all gold from Sudan should be considered conflict gold since April 2023.

The UAE introduced stricter guidelines after the Financial Action Task Force, an international anti-money laundering body, expressed concern that the country was not doing enough to prevent criminals and militants from hiding wealth there. The FATF placed the UAE on its gray list in 2022. The organization removed the country from that list in 2024 following the adoption of the new gold supply chain regulations. The Swissaid report now recommends that the UAE be added back to the watchlist for increased monitoring.

Switzerland emerged as the top importer of gold from the UAE despite the known risks associated with the source of the metal. Gold imports from the UAE into Switzerland increased sharply between 2024 and 2025. The volume rose from 155 tons in 2024 to 420 tons in the partial data for 2025. The UAE served as a processing hub, refining and processing the metal before sending it to major markets including Switzerland, India, and China.

The report notes that imports of gold mined and smuggled out of Africa made up nearly half of the gold entering the UAE from that continent. Some of this metal entered the country officially through third countries. The trade showed a slight increase in 2024 compared to previous years. Swissaid based its findings on data from the United Nations, official trade statistics, and civil and international organizations. The group noted that 2025 data was incomplete but indicated the rising trend continued.

The UAE did not immediately respond to a request for comment on the report's findings. The Swiss government also did not immediately respond to a request for comment. The report authors highlighted that enforcement of the new rules remains lax, with many refiners and traders not fully following the guidelines. The study calls for the UAE to be placed back on the FATF gray list to ensure continued scrutiny of the gold trade.