Tons of UAE Gold Imports Are Fake
Source: Emirates 24/7 (8/16/10)
"At least 5 tons of fake yellow metal is lying with Dubai Customs."
Speaking to Emirates 24/7, Mohammad Shakarchi, managing director of Emirates Gold, said: "A lot of people in the UAE who tried to import gold at lower prices or through dubious overseas companies have been cheated.
We have inspected many consignments from African countries, especially Ghana, and found that there is not an ounce of gold in them.
For importing pure dust or other metals with yellow color, these traders have paid several million dirhams."
Dubai Customs sources confirmed the incidence of fake gold imports, but did not reply to a questionnaire sent by Emirates 24/7 10 days ago.
"The concerned official is on leave," said a spokesman.
Emirates Gold has stopped examining gold imported from Africa. "We send specialists to examine a gold consignment only if it is routed through a local company.
We don't have time to waste because most of these so-called gold imports are fake. The traders got greedy. They thought they were getting gold at a discounted rate."
Mohammed said that at least five tons of fake yellow metal is lying with Dubai Customs.
A ton of gold will cost approximately $40 million. Merchants estimated that the minimum loss of fake gold imported by local traders is nothing less than $200 million.
He said many clients and Dubai Customs have requested the use of company's expertise to verify the purity of gold. "The fake gold issue has affected many people. Some of the traders got heart attack, after our inspectors said there is no gold in the tons of imports brought from Africa," Mohammed said.