On Tuesday, a senior official suggested that countries worldwide could potentially establish standardized regulations for travelers carrying gold and jewelry in their hand luggage. The World Gold Council, in collaboration with partners in the UAE and other nations, is initiating discussions on this matter.

Currently, countries have varying rules for passengers hand-carrying gold bars, coins, and jewelry. Some impose financial limits, while others assess the weight of gold items when travelers enter or leave a country. Individuals transporting a significant amount of precious metal are typically required to declare it at customs.

Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasized that while a considerable amount of gold is transported across borders through secure logistics companies, there is also a substantial volume moved by individuals in their personal possession. This lack of transparency can sometimes facilitate illicit trade, leading to gold being irresponsibly sourced or used for illicit purposes.

In the UAE, the World Gold Council is in discussions with key partners such as DMCC, Dubai Jewellery Group, and other stakeholders to address these concerns. Establishing standardized rules for hand-carrying gold could benefit the millions of tourists who visit Dubai, known as the "City of Gold," to purchase precious metal jewelry and bars, particularly for weddings.

Key topics to be discussed by industry players include determining permissible forms of hand-carried gold, identifying locations where it should be allowed, establishing personal limits, considering tightened procedures and pre-approval requirements, improving tracking and registration of hand-carried gold, and minimizing associated risks.

Naylor emphasized the need for a standardized approach, as the current lack of consistency among countries leads to varying personal limits, registration requirements, and declaration procedures. The goal is to develop recommendations recognizing the legitimate role of hand-carrying gold while ensuring compliance with responsible sourcing, anti-money laundering (AML), and tax rules.

He also highlighted the importance of training customs officials to differentiate between genuine and fraudulent products and identify suspicious flows in hand-carried gold.