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Reuters citing an unnamed official: US president Donald Trump told Qatar's emir that Israel had agreed to the ceasefire and asked for Doha's help persuading Tehran to also agree to the ceasefire deal
Iran: Iranian TV: Israeli Hermes drone shot down over Tehran
Iran Al Mayadeen's correspondent: New Israeli evacuation warnings issued in the Mehran neighborhood, a residential area in the capital, Tehran
Iran: Al Mayadeen correspondent: No confirmation from official Iranian sources regarding Trump's talk of a ceasefire
Trump: This is a War that could have gone on for years, and destroyed the entire Middle East, but it didn’t, and never will! God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and God bless the world
Trump: During each ceasefire, the other side will remain peaceful and respectful
Trump: On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran on having the stamina, courage, and intelligence to end, what should be called, THE 12 DAY WAR
Trump: Officially, Iran will start the ceasefire and, upon the 12th Hour, Israel will start the ceasefire and, upon the 24th Hour, an official end to the 12 day war will be saluted by the world.
Trump: [The ceasefire will last] for 12 hours, at which point the war will be considered ended!
US President Donald Trump: Congratulations to everyone! It has been fully agreed by and between Israel and Iran that there will be a complete and total ceasefire in approximately 6 hours from now

SwissAid investigates Africa gold smuggling: UAE largest beneficiary

  • By Al Mayadeen English
  • Source: SwissAid
  • 31 May 2024 14:34
  • 4 Shares
4 Min Read

Swiss organization SwissAid asserts that billions of dollars worth of African gold are smuggled to the UAE annually.

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  • Gold bars are seen at the U.S. Mint at West Point in West Point, N.Y., on May 17, 2012. (AP)
    Gold bars are seen at the US Mint at West Point in West Point, New York, on May 17, 2012 (AP)

SwissAid, an advocacy and support organization headquartered in Switzerland, has revealed that "between 321 and 474 tons of artisanal gold are produced annually in Africa without being announced."

In its report titled "On the Trail of African Gold," the company highlighted that "at least 435 tons of gold were smuggled from the African continent in the year 2022 alone." These figures underscore a substantial loss of revenue for numerous African countries.

The report, released by the organization on Thursday evening, further stated that "tracing the path of gold from its extraction to its final use is not easy. After being extracted, the precious metal will be sold, transported, processed, exported, reprocessed, and then resold. All of this is often through the hands of many people, in different countries. Much of the gold trade is opaque."

The report highlighted that "each year, between 321 and 474 tons of artisanal gold are produced in Africa without being declared. This equates to a value of between $24 billion and $35 billion as well as between 72 and 80% of Africa’s total artisanal gold production."

The research also underscores a concerning trend: gold smuggling in Africa has more than doubled between 2012 and 2022.

According to the research's authors, Mark Omel and Evan Schultz, "the significance of these numbers becomes even more pronounced when we consider that gold serves as the primary source of income for many African countries."

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UAE imports undeclared gold

Switzerland ranks among the top three importers of African gold, alongside the UAE and India. Notably, Switzerland imports a substantial volume of gold from Dubai, amounting to more than 1,670 tons between 2012 and 2022.

Since the United Arab Emirates lacks mines within its territory, it imports a significant portion of gold, primarily sourced from Africa. However, this gold isn't consistently declared. According to the study, between 2012 and 2022, 2,596 tons of undeclared gold for export were imported from Africa to the UAE.

Due to Swiss legislation, which considers the last place of processing to be the place of origin, gold imported from the Emirates is regarded as Emirati, even if its true origin lies elsewhere, such as in Africa. “This situation is problematic because for many years smuggled gold potentially linked to conflicts or human rights violations has been legally landing in Switzerland,” says Marc Ummel, head of the raw materials unit at SWISSAID and co-author of the study.

According to SwissAid, Switzerland holds a significant position in this regard: hosting four of the world's nine largest refineries and facilitating nearly 50% of the world's gold imports. Enforcing stricter legislation on these imports could significantly influence the global gold trade.

The pending debate on the Customs Act in Parliament this autumn provides a chance to fortify the legal framework and enhance the traceability of raw materials.

The value of 435 metric tons of smuggled gold is estimated at $30.7 billion, according to the gold prices announced on May 1, as "the vast majority of this gold is imported by the United Arab Emirates before being re-exported."

It is noteworthy that the UAE, Switzerland, and India are regarded as the three largest importers of African gold. In 2022, these countries received nearly 80% of the continent's total gold, with the UAE alone accounting for over 47%.

The research authors "analyzed the gold flows of each of the 54 African countries. To do this, we collected data on the gold production, exports, and imports of African countries and compared this data with the African gold imports reported by importing countries."

  • United Arab Emirates
  • Switzerland
  • Gold imports
  • SwissAid
  • Africa
  • UAE
  • Gold

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