AGL 37.90 Decreased By ▼ -0.12 (-0.32%)
AIRLINK 214.90 Increased By ▲ 17.54 (8.89%)
BOP 9.85 Increased By ▲ 0.31 (3.25%)
CNERGY 6.33 Increased By ▲ 0.42 (7.11%)
DCL 9.19 Increased By ▲ 0.37 (4.2%)
DFML 37.60 Increased By ▲ 1.86 (5.2%)
DGKC 100.75 Increased By ▲ 3.89 (4.02%)
FCCL 36.10 Increased By ▲ 0.85 (2.41%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.49 Increased By ▲ 1.32 (10.02%)
HUBC 133.30 Increased By ▲ 5.75 (4.51%)
HUMNL 13.61 Increased By ▲ 0.11 (0.81%)
KEL 5.56 Increased By ▲ 0.24 (4.51%)
KOSM 7.22 Increased By ▲ 0.22 (3.14%)
MLCF 45.97 Increased By ▲ 1.27 (2.84%)
NBP 61.00 Decreased By ▼ -0.42 (-0.68%)
OGDC 222.75 Increased By ▲ 8.08 (3.76%)
PAEL 41.10 Increased By ▲ 2.31 (5.96%)
PIBTL 8.53 Increased By ▲ 0.28 (3.39%)
PPL 199.89 Increased By ▲ 6.81 (3.53%)
PRL 39.90 Increased By ▲ 1.24 (3.21%)
PTC 27.74 Increased By ▲ 1.94 (7.52%)
SEARL 107.89 Increased By ▲ 4.29 (4.14%)
TELE 8.60 Increased By ▲ 0.30 (3.61%)
TOMCL 36.30 Increased By ▲ 1.30 (3.71%)
TPLP 13.50 Increased By ▲ 0.20 (1.5%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.50 Increased By ▲ 1.53 (4.64%)
WTL 1.68 Increased By ▲ 0.08 (5%)
BR100 12,156 Increased By 429.7 (3.66%)
BR30 37,703 Increased By 1326.7 (3.65%)
KSE100 113,343 Increased By 3829.9 (3.5%)
KSE30 35,822 Increased By 1308.7 (3.79%)

LAGOS: Billions of dollars’ worth of gold is smuggled out of Africa each year, much of it bound for Dubai before it is legally re-exported to other countries, a Swiss NGO said Thursday.

Development NGO Swissaid published a report saying that 321-474 tonnes of African gold produced through artisanal and small-scale mining goes undeclared each year, representing a value of between $24-$35 billion.

Africa is the world’s main gold-producing continent, with Ghana, South Africa, Mali and Burkina Faso leading production in 2022.

According to the NGO, smuggling of African gold is on the rise, having “more than doubled between 2012 and 2022”.

Gold rush in Dubai continues to attract all nationalities including Pakistanis

The NGO said the precious metal was “a source of income for millions of artisanal miners, the main source of revenue for many governments, a means of financing armed groups, and the cause of serious human rights violations and environmental degradation”.

The report singled out Dubai as an international hub for trade in African gold, which then makes its way to countries including Switzerland.

The NGO estimates that in 2022, “66.5 percent (405 tonnes) of the gold imported into the UAE from Africa was smuggled out of African countries”.

It arrives in Dubai by plane, “in hand luggage or in the hold, on scheduled flights or in private jets.”

The emirate is home to gold refineries and thousands of precious metal and gemstone traders.

From there, African gold is sent mainly to Switzerland, its “second-largest importer”, and also to India.

Under Swiss law, the last place where the gold is processed is its place of origin, so that gold arriving in Switzerland is not traced back to Africa, the NGO explained.

The report covers the period from 2012 to 2022 and is based on data collected from 54 African countries, cross-referencing gold production data with official export and import data.

Comments

Comments are closed.

S Memon May 31, 2024 10:54am
If you can lay your hands on African gold, it would change your life. It's the purest and worth hoarding.
thumb_up Recommended (0)