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Setting a standard rule for carrying gold in hand will help millions of tourists who come to the City of Gold.
Countries around the world could agree on standardized rules for travelers to carry gold and jewelry in their carry-on luggage, a senior official said on Tuesday. World Gold Council together with its partners in the UAE and other countries are starting talks in this regard.
Countries have different rules for passengers carrying gold bars, coins and jewelry. Some have placed financial limits while others weigh gold items when travelers leave or enter a country. Travelers carrying an excessive amount of precious metals must declare them to customs.
Andrew Naylor, Head of Public Policy and Middle East, World Gold CouncilThe yellow metal is transported across borders, mainly through secure logistics by transport companies.
“But there is a lot of gold transported across international borders by people carrying it in their personal possession. It is not necessarily bad in itself, but because it is not transparent, it can sometimes lead to facilitating illicit trade. That means the gold has not been responsibly sourced. Additionally, gold is sometimes used for illicit purposes by carrying it in the hand to avoid detection.”
Naylor he said in an interview Tuesday.
In the United Arab Emirates, the World Gold Council is in talks with its key partners DMCC, Dubai Jewelery Group and other important stakeholders to take it forward.
Establishing a standard rule for carrying gold in hand will help millions of tourists who come to the City of Gold to buy jewelry and precious metal bars. In fact, many tourists come to Dubai just to buy gold jewelry for their weddings.
WGC, DMCC and other industry players will discuss five key topics: what forms of gold should or should not be allowed; where it is possible and what should be the personal limit; Should procedures be tightened and prior approval required? How can hand-carried gold be best tracked and recorded? and how you can minimize the risk of carrying it in your hand.
“At the moment there is no standardized approach, so it varies from country to country. Some have personal limits, others have registration and reporting requirements. “That’s why we like to start a conversation with the industry to talk about how we can come up with some recommendations that recognize that handheld transport has a legitimate role.”
said during the interview on the sidelines of the 11th edition of the Dubai Precious Metals Conference (DPMC)organized by Dubai MultiCommodities Center (DMCC).
He noted that travelers purchasing gold jewelry for personal use should be fine, but the question is whether the wholesale market should also use hand-carried gold.
“Overall it is fine, but there is one element that is not fine, as it allows non-compliance with respect to responsible sourcing and tax and anti-money laundering rules.”
He added that customs officials would also need to be trained to search for and identify genuine and fraudulent products, as well as suspicious flows.
News Source: Khaleej Times
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