Russia becomes UAE’s main gold source

The United Arab Emirates relied heavily on Russia as its primary source of gold in 2022, importing 96.4 tons. This quantity accounted for approximately one-third of Russia’s annual gold production and represented a remarkable increase of over 15 times compared to 2021.

Traditionally, the UAE has been a crucial hub for trading precious metals, particularly those originating from Africa and India. However, it was only last year that the country emerged as a significant player in the Russian gold trade.

With Western sanctions limiting Russia’s conventional export channels, mining companies in the country were compelled to seek alternative avenues for selling their gold. Consequently, Dubai, Istanbul, and Hong Kong emerged as key centers for Russian gold trade, as reported by Bloomberg.

In addition to Russia, Mali and Ghana also served as major gold suppliers to the UAE, providing 95.7 tons and 81 tons, respectively.

Meanwhile, Switzerland emerged as the predominant destination for Arab gold exports, receiving a substantial amount of 145 tons.