The increasing instances of passengers attempting to transport unauthorised quantities of gold in their hand luggage have triggered a significant global initiative to combat the illicit trade of hand-carried gold. In response to this challenge, the Dubai Multi Commodities Centre (DMCC) and the World Gold Council have joined forces to create a collaborative effort aimed at standardising international regulations and procedures.
According to a report by Khaleej Times, the initiative seeks to address the gaps in responsible sourcing and trade of gold and establish comprehensive guidelines for travellers worldwide. The focus is on permitting a specified amount or value of gold to be carried in hand luggage, spanning regions such as the UAE, India, China, Pakistan, Europe, the Americas, and beyond.
Andrew Naylor, the Head of Middle East and Public Policy at the World Gold Council, emphasised the prevalent practice of individuals transporting substantial amounts of gold across international borders in their hand luggage. The lack of transparency in this process inadvertently facilitates illicit trade. Naylor highlighted the urgency of implementing stricter measures on hand-carried gold, pointing out the positive impact such initiatives could have on legitimate gold mining communities globally. He commended Dubai and the UAE for their proactive approach in enacting positive industry reforms.
Ahmed Bin Sulayem, the Executive Chairman and CEO of DMCC, expressed pride in the collaboration with the World Gold Council on this crucial matter. Both organisations have outlined plans to conduct research and engage in discussions with stakeholders in various countries, including the UAE, India, China, Europe, and the USA. These efforts aim to explore both legitimate and illegal aspects of hand-carried gold trade, with a specific focus on the methods of hand-carrying.
Upon reaching a consensus on acceptable personal limits and establishing standardised customs declaration and digital tracking processes, the recommendations generated from this collaboration will be transformed into globally applicable laws. The ultimate goal is to curb the illicit trade of hand-carried gold, promoting transparency and responsible practices in the international transportation of this valuable metal.
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