Abu Dhabi: Abdulla bin Touq Al Marri, Minister of Economy and Tourism, carried out an inspection tour of the Dubai Gold Souq to assess merchants' compliance with regulations governing the gold sector, specifically those related to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), and Counter-Proliferation Financing (CPF) frameworks.

The gold sector is classified under the Designated Non-Financial Businesses and Professions (DNFBPs) overseen by the Ministry, necessitating the highest levels of compliance across market operations.

Bin Touq emphasised that the UAE, guided by the wise leadership, has made significant strides in developing a comprehensive legislative and regulatory framework for gold trade. These efforts align with the National Risk Assessment (NRA) for the sector and the international standards set by the Financial Action Task Force (FATF), thereby reinforcing the global reputation of the national economy.

He further stated that a series of advanced regulatory measures have been implemented, including the launch of a comprehensive federal policy for the gold sector, the introduction of the UAE Good Delivery Standard for Gold, and the establishment of the Emirates Bullion Market Committee. Additionally, a database for corporate and individual traders was created, a federal gold trading platform was developed, and due diligence regulations for the responsible sourcing of gold were issued.

During the tour, Bin Touq engaged with several merchants to discuss compliance levels and the practical application of relevant regulations. He addressed the primary operational challenges they face and explored ways to enhance procedural efficiency, elevate transparency, and ensure adherence to approved standards. These efforts are designed to underpin market stability and bolster its competitiveness.

Bin Touq said, “We continue to intensify national efforts and unify action among the various teams and relevant stakeholders to address all operational challenges faced by traders. These efforts enhance the efficiency and resilience of the national ecosystem and supports the sustainability of compliance with relevant international standards.”

The Minister of Economy and Tourism also held a meeting with several representatives from the Dubai Gold and Jewellery Group, as well as several major companies across the gold, precious metals, and gemstones sector. The meetings discussed strengthening of cooperation in supporting compliance with anti-money laundering legislation and policies, and reviewed the private sector’s insights on further developing the operational ecosystem of the gold and jewellery market.

During the meeting, he said, “The UAE continues to reinforce its standing as the world’s second-largest global hub for gold trade, supported by broad trust and recognition, as well as high level of economic competitiveness in this field, at the global level.” He highlighted that the UAE’s gold, precious metals, and gemstones sector currently includes 6,213 companies, along with 53 licensed gold refineries.

The Ministry of Economy and Tourism remains committed to providing the necessary technical support to establishments and companies operating in the gold and gemstone trade by training relevant officials to understand and implement policies in line with international best practices and established methods.

The UAE is a pivotal global hub for gold trade, with the total value of gold traded across the country’s markets reaching approximately AED683 billion (US$186 billion) in 2024, reflecting the scale of the sector and its growing economic significance.

The UAE continues to strengthen its position in economic activities related to gold, jewellery, and precious metals, leveraging its strategic location, advanced infrastructure, and international logistics network connecting it to global markets. This is supported through the adoption of integrated policies aligned with global best practices for regulating and developing the sector, while supporting manufacturing activities, financing, technology, and financial innovation related to precious metals, thereby reinforcing the UAE’s position as a safe haven and trusted global destination in this field.