Each year, as much as $35 billion worth of gold produced by artisanal and small-scale mining in Africa — the world’s top gold producing continent — goes undeclared and then smuggled out of its borders.
The vast majority of it goes to the United Arab Emirates, according to research published by the independent Switzerland-based aid and advocacy organization SwissAid.
“More than 435 tonnes of gold was smuggled out of Africa in 2022, representing more than a tonne a day,” the organization’s report, published Thursday, wrote. One tonne refers to a metric ton, which is equivalent to 2,204 pounds.
The smuggled 435 metric tons carry a value of $30.7 billion based on gold prices on May 1, 2024, the report detailed, adding: “The overwhelming majority of this gold was imported into the United Arab Emirates (UAE) before being re-exported to other countries.”
Most industrial gold exported from African countries goes to South Africa, Switzerland and India. Industrial gold, which makes up roughly 11% of all gold produced, is used in the medical, electronics, automotive, aerospace and defense industries.
But the majority of artisanal and small-scale mining, or ASM, gold produced on the continent — to the tune of 80% to 85% — goes to the UAE, SwissAid wrote.