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Author: Admin | 2025-04-28
Activity and could serve as illustration of what is possible, as well as allow for independent scrutiny. Due Diligence by Gold Traders and Refiners in the UAE (Dubai) Over the past few years, the UAE, and Dubai in particular, has emerged as a global hub for the gold trade. In 2013, about 2,200 tons of gold or nearly 40 percent of the global gold trade flowed through Dubai, according to the government regulator, the Dubai Multi Commodities Centre (DMCC).[191] The rise of Dubai as the “City of Gold” has been closely connected to the expansion of the Asian gold market.[192] Dubai is known as a business-friendly location; it has tax-free zones and regulatory controls on gold imports. Dubai companies have been found to be involved in the illicit gold trade from war-torn Democratic Republic of Congo, and in practices that increase the risk of money-laundering, such as cash transactions.[193] In 2012 the DMCC introduced guidance for a responsible supply chain that is mandatory for Dubai’s main refiners in the free trade zone.[194] The guidance seeks to eliminate the risk of supporting armed conflict through trade; it does not mention child labor but obliges refiners to put in place due diligence procedures that could also be used to assess child labor risks in the supply chain. Other companies in the UAE, such as gold traders based in Dubai’s souk (gold market), are not covered by the DMCC rules. As a result, there is a risk that jewelers in the souk buy gold whose origin is unclear and could be problematic, and then sell it on to the large refiners.[195] Several Ghanaian traders and the PMMC told Human Rights Watch that they were exporting gold to Dubai. Local traders who were not exporting themselves also mentioned Dubai as one of the main
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