Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds

Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds - TL;DR CNBC

Dubai bling: Billions of dollars worth of African gold is being smuggled into the UAE each year, research finds

Publishing timestamp: 2024-05-30 07:04:19

Summary

$35 billion worth of gold produced by artisanal and small-scale mining in Africa is undeclared and smuggled out, with the majority going to UAE. SwissAid report highlights the lack of regulation and transparency in the gold industry in Africa.

Sentiment: NEGATIVE

Tickers: @GC.1,

Keywords: trade, switzerland, luxury, emerging markets, business news, crime, dubai, metal commodities, gold comex (apr'23), united arab emirates, south africa,

Source: https://www.cnbc.com/2024/05/30/billions-of-dollars-of-african-gold-smuggled-into-uae-yearly-research.html