DUBAI (Realist English). Of the total illegal imports, 453 tonnes were smuggled out of African producing countries, and another 174.5 tonnes are “conflict” gold from sanctioned countries — Russia, Yemen and Sudan. The total value of African smuggled gold that settled in the UAE in 2024 is estimated at $56.7 billion (at prices as of 1 November 2026). For comparison, two years ago the same organisation estimated the annual volume of smuggling at $30 billion.
Scale of the problem: figures and geography
The main flows come from Sudan, the Democratic Republic of the Congo, South Sudan and the Central African Republic. According to the Business and Human Rights Centre, the UAE accounts for up to 70% of Sudan’s smuggled gold, with the flow coming both from areas controlled by the regular army (SAF) and from territories controlled by the Rapid Support Forces (RSF).
Sudanese gold is often transported through Egypt, where it enters legal trade chains and is then sent to Dubai. Similar schemes operate through Kenya, Uganda and Rwanda, which serve as transit hubs for gold from the DRC and South Sudan.
Why the rules do not work
Since January 2023, the UAE has had in place Due Diligence Regulations for Responsible Sourcing of Gold, intended to ensure traceability and control over the source of the precious metal.
However, according to a SWISSAID study, of 52 refineries in the UAE checked, only two were rated “fully compliant” with the new requirements in 2023–2025. Most enterprises either partially comply with the rules or rely on intermediaries with minimal supply chain traceability.
“The results of the study are deeply concerning. They show that the UAE remains a hub for smuggled and conflict gold,” said Marc Ummel, head of the raw materials department at SWISSAID and co-author of the report.
Switzerland’s role and recommendations
The problem is directly relevant to Europe. Switzerland is the largest importer of gold from the UAE: in 2025 it imported 420 tonnes, which is 36% of UAE gold exports, ahead of Hong Kong (19%), India (13%) and Turkey (9%). In January–September 2026, Switzerland already imported more than 400 tonnes of gold from the UAE worth 47 billion Swiss francs (~$57 billion), and almost all of this comes from the Valcambi refinery.
SWISSAID recommends making all five stages of due diligence mandatory for gold traders; increasing and publishing fines for non-compliance; obliging UAE companies to disclose the names of mined gold suppliers; strengthening customs controls; and returning the UAE to the FATF “grey list” — the list of jurisdictions with strategic deficiencies in combating money laundering.
UAE position
The UAE rejects the accusations. In a comment to Khaleej Times, representatives of the country said that the UAE is “the only country that has directly incorporated LBMA recommendations into national legislation,” and that SWISSAID’s estimates of “$30 billion in unaccounted artisanal gold” are based on “erroneous analysis of mirror data.” The UAE was removed from the FATF “grey list” in 2024 after reforms, but SWISSAID insists on its return, pointing to remaining gaps in enforcement.
The SWISSAID report captures a fundamental gap between formal rules and their implementation. The introduction of due diligence in 2023 did not change the structure of the market, where the vast majority of refineries either do not comply with the requirements or do so partially.
Smuggled gold does not simply “seep” into the UAE — it becomes a key link in the war economy: in Sudan, both sides of the conflict finance purchases of weapons and drones through gold exports to Dubai, creating an incentive to continue the war.
For Switzerland, whose refining sector depends on UAE gold, this creates a reputational and regulatory risk: if the FATF heeds SWISSAID’s recommendations and returns the UAE to the “grey list,” the entire supply chain — from African mines to Swiss refineries — will come under closer scrutiny. The key question is whether the report will be followed by tougher enforcement in the UAE itself, or whether international pressure will be limited to another round of recommendations.
