Customs officials are intensifying efforts to intercept passengers attempting to transport unauthorized quantities of gold in their hand baggage.
A worldwide initiative led by the Dubai Multi Commodities Centre (DMCC) and the World Gold Council aims to standardize international regulations and procedures, addressing the challenge of illicit gold trade through hand-carry methods.
DMCC and World Gold Council Collaborate for Standardization:
The DMCC and the World Gold Council have joined forces to combat illicit gold trade, bridging the gap in responsible sourcing and trade of gold.
This collaboration seeks to establish international regulations that permit travelers worldwide, including those from the UAE, India, China, Pakistan, Europe, and the Americas, to carry a defined amount or value of gold in their hand luggage.
Addressing the Challenge of Illicit Hand-Carry Gold Trade:
Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasized the need for stricter measures on hand-carry gold, citing the large amounts transported across borders that lack transparency.
The collaboration aims to combat illicit trade and ensure responsible sourcing of gold, with a focus on preventing gold from being used for illegal purposes.
Positive Industry Reforms:
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, praised the initiative as a demonstration of Dubai and the UAE’s commitment to enacting positive industry reforms.
The collaboration aims to significantly impact legitimate gold mining communities globally, addressing both the legal and illegal aspects of the hand-carried gold trade.
Research and Global Stakeholder Discussions:
The World Gold Council and DMCC will conduct comprehensive research and engage in discussions with stakeholders worldwide.
The focus will be on defining acceptable personal limits, establishing standardized customs declarations, and implementing digital tracking processes.
Once agreed upon, these recommendations will be transformed into laws and globally implemented to combat the illicit gold trade.
UAE Launches Updated Labour Accommodation System to Enhance Worker Wellbeing
Dubai Taxi Expands Fleet with 94 New Vehicles, Market Share Set to Increase
India Unveils Crew for Historic Gaganyaan Space Mission
UAE Introduces Dh10,000 Fine for Late Corporate Tax Registration
New Visa Screening Center Opens in Abu Dhabi’s Al Shamkha District
IHC Introduces AI to Boardroom, Transforming Decision-Making Process
“Unleashing Extraordinary Ambitions: Rigul Kalra’s Journey of Entrepreneurial Brilliance”
Rihanna’s Fenty x Puma Makes a Comeback with New Sneaker
Anya Taylor-Joy and Malcolm McRae Tie the Knot in Romantic Venice Wedding
American firm to buy Everton Football Club
Celebrities Embrace Pantless Trend at New York Fashion Week
Alexander McQueen Names Seán McGirr as Creative Director
- Fashion2 days ago
“Transforming Faces, Empowering Souls: The Makeup Journey of Abeeha Mamoon”
- Travel & Hospitality3 days ago
5-Year Multiple-Entry Visa: A Boon for UAE Residents and Tourists
- Real Estate2 days ago
Unlock Affordable Homeownership in Dubai: Explore Pocket-Friendly Deals with 1% Down Payment Options
- UAE News3 days ago
Dubai Launches Dh112 Million Creek Restoration Project
- UAE News2 days ago
UAE Allocates $10 Million Grant to Support World Trade Organisation Initiatives
- Business Insights2 days ago
Qatar Airways Group Launches ‘Our Habitas Ras Abrouq’ Resort on Qatar’s West Coast
- Human Interest1 day ago
Badshah Lights Up Dubai’s Untold Music Festival with Vibrant Performance
- Legal2 days ago
Ras Al Khaimah Tightens Traffic Laws, Introduces Stricter Penalties from March 1