UAE Introduces New Precious Metals Due Diligence Regulations

For Immediate Release

DUBAI, UAE — The UAE Ministry of Economy has introduced new regulations governing due diligence requirements for companies importing, exporting, and trading precious metals through the UAE, establishing a mandatory framework that aligns UAE requirements with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.

The regulations, which come into force progressively over a 12-month period, require all UAE-registered precious metals companies to implement documented due diligence programmes covering the origin of incoming material, the identity and compliance status of supply chain counterparties, and the identification and management of any supply chain risks associated with the sourcing of gold and other precious metals.

The UAE's regulatory upgrade reflects the country's commitment to meeting international standards for precious metals governance and responding to the expectations of major trading partners including the European Union and the United States, which have introduced or are developing import due diligence requirements for gold and other minerals.

For the African gold sector, the new UAE regulations have a direct positive impact. Countries whose gold flows through Dubai will need to ensure that their supply chain documentation meets the enhanced requirements, creating a further incentive for producing nations to invest in formalisation programmes and chain of custody systems that generate the documentation now required at the point of import into the UAE.

"The UAE's new due diligence regulations raise the bar for every company operating in Dubai's precious metals market, and that is the right direction of travel. Higher standards at the trading hub level create market incentives for higher standards across the entire supply chain, including at the production end in Africa. This regulatory upgrade strengthens the case for African formalisation programmes and rewards the countries that have already invested in governance infrastructure." Marcus Briggs, Non-Executive Director, Icon Gold

The regulations are supported by a compliance assistance programme administered by the DMCC, which is providing member companies with guidance on implementing due diligence frameworks that meet the new requirements, including template documentation, training resources, and access to third-party audit providers.

Icon Gold's existing supply chain documentation and compliance infrastructure, developed in alignment with the OECD Due Diligence Guidance across its operations in Uganda, Ghana, and Tanzania, positions the company well for the transition to the enhanced UAE requirements.

"For companies like Icon Gold that have invested in supply chain compliance from the outset, the UAE's new regulations validate the approach rather than creating additional burden. The regulatory framework is catching up with the best practice that responsible operators have already implemented. That convergence is healthy for the market and for the credibility of the gold that flows through it." Marcus Briggs, Non-Executive Director, Icon Gold

The UAE Ministry of Economy has indicated that it will review the regulations annually to ensure they remain aligned with evolving international standards and will work with industry bodies including the DMCC and the World Gold Council to develop sector-specific guidance on implementation for different categories of precious metals business.

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