Swiss Gold Imports From Dubai Hit Record High Amid Conflict Fears
Switzerland imported a record 400 tons of gold from Dubai in 2025, despite growing concerns over the origins of the precious metal. The surge—more than double the previous year’s total—has raised alarms about conflict gold from Sudan entering global markets through the UAE. Critics argue that Swiss refineries processing this gold may be inadvertently fuelling one of Africa’s deadliest wars.
Sudan’s civil war, now in its third year, has claimed hundreds of thousands of lives and created what the UN calls the world’s worst humanitarian crisis. Both sides of the conflict rely on gold to fund their operations, with the mineral smuggled out of the country and often laundered through Dubai. The UAE’s gold trade has long faced criticism for its lack of transparency, allowing conflict gold to be mixed with legitimate supplies before reaching international buyers.
Switzerland’s imports of Dubai-sourced gold soared to nearly 39 billion Swiss francs in 2025, up from 155 tons the year before. While four of the country’s five major refineries avoid Dubai gold, Valcambi—the largest—has increased its purchases since leaving the Swiss Precious Metals Association in 2023. The association itself has warned against sourcing from the UAE, citing risks of handling conflict gold. The UAE government claims to have tightened regulations to combat gold laundering, but experts remain sceptical. Commodities specialist Marc Ummel dismissed the measures as superficial, while former UN envoy Volker Perthes has repeatedly called for a ban on Sudanese conflict gold. So far, these appeals have gone unheeded. Swiss refineries that process Dubai gold risk legitimising tainted supplies, as their hallmark and LBMA certification make the metal appear clean to buyers worldwide.
The sharp rise in Swiss gold imports from Dubai highlights the challenges of tracking conflict minerals. With Sudan’s war economy heavily reliant on gold, the trade routes through the UAE continue to provide a financial lifeline to armed groups. Without stricter oversight, critics warn that Swiss refineries could remain linked to a supply chain that sustains one of the world’s most devastating conflicts.
