Study says UAE gold rules fail to curb illicit trade

New rules in the United Arab Emirates have done little to stop gold from questionable sources entering the market, according to a Swissaid study reported by SRF. The development organisation says at least 591 tonnes of smuggled or conflict-linked gold were imported into the UAE in 2024.

The UAE introduced stricter gold-import requirements two years earlier. The study found that the rules have improved transparency about whether refineries meet due diligence requirements, but most refineries externally audited since 2023 did not comply. The UAE economy ministry has reportedly begun issuing fines, but the study says they have had little effect so far.

Switzerland remains a major buyer of UAE gold. It imported 420 tonnes in 2025, making it the leading importer, according to the study. More than 400 tonnes were imported from the UAE between January and September 2026, with imports remaining at a high level since the start of the year.

Swiss customs data suggest that much of the gold goes to Valcambi, a refinery in Ticino. Its chief has argued that the gold should not simply be ignored, but that efforts should instead focus on cleaner supply chains. Other large Swiss refineries import little or no gold from the UAE because of the risks. The president of the Swiss Precious Metals Association has also said the association recommends against importing metal from Dubai.

The study calls for the UAE to be treated with greater international caution over supply-chain risks. In Switzerland, work is under way on an ordinance linked to the Precious Metals Control Act. Swissaid is taking part in the consultation and says precise, strict rules could help stop imports of questionable gold. The ordinance is expected to be finalised next year.