A senior official proposed formulating standardized regulations worldwide for travelers carrying gold and jewelry in their hand luggage.
Collaborative efforts led by the World Gold Council and partners across multiple countries, including the UAE, aim to initiate discussions to establish unified guidelines in this domain.
Diverse Regulations and Current Practices:
Differences prevail among countries concerning rules for transporting gold bars, coins, and jewelry via hand luggage.
Varied approaches encompass financial thresholds, weight assessments during entry or departure, and the obligation for travelers to declare excessive precious metal items at customs checkpoints.
Addressing Transparency and Illicit Trade Concerns:
Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, highlighted the prevalence of gold transportation via secure logistics by corporations.
However, individual hand-carrying presents challenges due to its lack of transparency, potentially enabling illicit trade and unsourced gold, prompting discussions to regulate this practice.
Collaborative Conversations for Consensus:
In the UAE, dialogues between the World Gold Council and key partners such as DMCC and the Dubai Jewellery Group aim to progress this initiative.
The objective is to establish standardized rules that benefit many tourists visiting Dubai, specifically for purchasing gold jewelry and bars.
Crucial topics to be addressed in these discussions include permissible forms of hand-carried gold, defining personal limits, the potential need for pre-approval and stricter procedures, improved tracking and registration methods, and strategies to mitigate the risks associated with hand-carrying gold.
Pursuing Balance Between Legitimacy and Compliance:
Recognizing the legitimate role of hand-carrying gold, the endeavor seeks to navigate the complexities of balancing personal use with compliance, responsible sourcing, and adherence to anti-money laundering (AML) and taxation regulations within the wholesale market.
Training and Preparedness:
Naylor stressed the importance of training customs officials to discern genuine from fraudulent products and identify suspicious flows, which is essential for effectively enforcing and implementing any standardized regulations.
This unified approach seeks to streamline international travel and trade while ensuring responsible practices and border compliance.
