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Excerpt from www.cnbc.com
DUBAI, United Arab Emirates — 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.
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