Hand-carry gold should be allowed and should not be demonised, as long as it is legally sourced and the funds reach the right beneficiary, industry executives said on Tuesday (November 25).

Speaking during the Dubai Precious Metal Conference on Tuesday, they claimed that it is quite a challenge to reach a unified single figure for hand-carrying gold due to cultural differences and policy issues.

David Tait, CEO of World Gold Council (WGC), said the debate isn't about the concept of hand carrying gold itself, but about defining what constitutes a reasonable amount.“There are many views on hand-carrying gold. I don't think anybody has a problem with the concept of hand-carry goals. There are questions as to the quantities that people should be allowed to carry."

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"What is a reasonable quantity? Should someone be allowed to pass though Dubai airport with 15 suitcases? Is it reasonable for an Indian lady to come in bedecked in three or four kilos of gold? We are trying to establish a mechanism whereby there is a way of monitoring illicit flows of gold,” David added.

In an interview with Khaleej Times, he said it's a very difficult thing to figure out the exact quantity, but it could be an airline question as well.

He recommended trying to find some reasonable quantity as a starting point and trying to align custom standards across the world.

“It's not trying to ruin anybody's life. It's trying to establish a baseline standardisation across the globe to try and stem the illicit flow of gold to bad actors. That's all the world is trying to do. It's not trying to deny someone the ability to transact in the developing world with gold. I'm not a great believer in stopping cash transactions, especially not in this part of the world,” he said during the interview.

As reported by Khaleej Times earlier, the World Gold Council and countries around the world are discussing a unified formula for hand-carrying of gold from one country to another.

Tait stressed that the gold community and the governments will“have to set a bar somewhere.”

Andrew Naylor, head of Middle East and public policy, World Gold Council, said some countries are very good at detecting, and others are not.

He called for stronger protection, enforcement, and document verification, noting that legitimate hand-carrying requires proper paperwork to confirm the gold's origin and ensures taxes are paid.

“This requires cooperation between the ports of origin and ports of destination,” he said, adding that under the preferential trade agreement, goods and their origins are verified.

“If you can do it for general goods, there's no reason why we can't get it for gold.”

Abidh CP, general manager, Ahlatci Metal Refinery, said there is no need“to demonise hand carrying of gold.”

“Whether it's one kilogram or 100 kilograms, gold has never killed anyone. It's the money or the proceeds, so it doesn't matter whether it's a kilo or 100 kilos. What matters is the right controls. So if the controls are there, whether it's half a kilo, or 100 kilos, it's the same absolutely. As long as we can demonstrate that the payment which is paid goes to the right beneficial owners, there is no issue in terms of the quantity which is coming,” he said.

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