The United Arab Emirates imported at least 591 tonnes of illicit gold in 2024, representing 42% of its total gold imports, despite introducing stricter regulations to improve supply-chain transparency and due diligence, according to a new SWISSAID report.
The findings highlight persistent weaknesses in the UAE’s gold-trading sector, raising concerns about the movement of smuggled and conflict-linked gold through one of the world’s major precious metals trading hubs.
The report, which examined data from 2021 to 2025 and included interviews with more than 150 industry stakeholders, found that regulatory changes introduced in 2023 have not sufficiently prevented illicit gold from entering the country.
At current gold prices, the 591 tonnes imported in 2024 would be worth approximately $74 billion. Of this volume, 453 tonnes originated from African gold-producing countries, while approximately 137 tonnes came from countries subject to international sanctions.
SWISSAID defines illicit gold as gold smuggled without adequate traceability or sourced from countries affected by armed conflict, including Russia, Yemen and Sudan.
Marc Ummel, head of SWISSAID’s raw materials unit, said the findings demonstrated that the UAE remained an important destination for smuggled and conflict-linked gold.
The findings also have implications for Switzerland, which is the largest importer of gold from the UAE.
Regulatory weaknesses undermine compliance
The UAE has established itself as a major international gold-trading centre, connecting producing countries with global consumer markets. However, its historically business-friendly regulatory environment and weaker due diligence requirements have created vulnerabilities that allow illicit gold to enter formal supply chains.
Although the country introduced stricter regulations in 2023 to improve gold traceability and strengthen checks on suppliers, implementation remains inadequate.
An assessment of 52 Emirati gold refineries covering the 2023–2025 period found that only two were fully implementing the new requirements.
The report identified several persistent shortcomings, including inadequate supply-chain traceability, reliance on intermediaries, insufficient supplier due diligence and limited site visits to gold-producing operations.
It also raised concerns that some refineries were falling behind on regulatory compliance rather than strengthening their oversight practices.
While the new requirements have improved transparency around due diligence procedures, SWISSAID said this has not translated into meaningful improvements in identifying and preventing illicit gold imports.
SWISSAID calls for stronger enforcement
In response to the findings, SWISSAID has called on UAE authorities to strengthen enforcement of existing regulations rather than relying solely on introducing additional requirements.
Its recommendations include increasing inspections by customs authorities, strengthening penalties for non-compliance and requiring Emirati companies to disclose the identities of suppliers providing mined gold.
The organisation also recommended that the Financial Action Task Force (FATF) reconsider placing the UAE on its list of jurisdictions with strategic deficiencies in combating money laundering and terrorist financing.
However, SWISSAID cautioned against completely excluding conflict-affected regions from international gold supply chains.
Such restrictions could negatively affect legitimate miners and businesses operating in those areas. Instead, the organisation argued that stronger due diligence and traceability measures could help distinguish legitimate production from illicit gold.
Switzerland’s exposure to UAE gold trade
The findings highlight the international reach of the UAE’s gold trade, particularly its relationship with Switzerland.
Switzerland imported approximately 420 tonnes of gold from the UAE in 2024, making it the country’s largest gold-importing partner. It had already imported more than 400 tonnes from the UAE in 2026, according to the report.
The scale of these trade flows underscores the importance of effective supply-chain controls beyond the UAE, particularly among international refiners and gold-importing countries.
For African gold-producing countries, the findings raise further concerns about the traceability of gold exports and the risk that illegally sourced production could enter international markets through established trading hubs.
Strengthening enforcement, supplier verification and transparency across the gold supply chain will therefore remain critical to ensuring that African gold reaches international markets through legitimate channels.