From Dubai to Zurich: Why UAE Exports to Switzerland Jumped 75.8% in 2026

By: GOLD MINERS CLUB DATE: 10-11-2026

African governments want to refine more of their own gold and keep more of the value at home. Dubai, meanwhile, is reporting record trade driven by gold and jewellery, and Switzerland’s customs data shows an even bigger inflow from the UAE. The 2026 evidence suggests the refining push has not yet dented Dubai’s role as the gateway to Swiss refiners.

Introduction

The headline numbers: the UAE side

On 8 November 2026, the UAE reported that non-oil foreign trade reached AED 2.945 trillion in the first nine months of 2026, up 10.1% on the same period last year, approaching AED 3 trillion for the first time. The same release said Switzerland, Hong Kong and India were the leading destinations for UAE non-oil exports, with exports to Switzerland up 75.8% and to Hong Kong up 59.1%. wamwam

Coverage of the data says gold, jewelry and tobacco products topped shipments, and that non-oil exports rose 21.6% to AED 706 billion. arabnewsarabnews

A caution on the 75.8% figure: the release places the growth rate in a sentence comparing non-oil exports with the first nine months of 2024. The base period for the Swiss figure may therefore be 2024, not 2025. Check before quoting it as year-on-year.

The Swiss side: customs data tells the same story

Swiss figures are more precise about gold itself. According to Miningmx, Switzerland imported 420 tonnes of gold worth CHF 38.9 billion from the UAE in 2025, almost three times the amount a year earlier, and a further 233 tonnes worth CHF 27.8 billion in the first seven months of 2026. miningmx

Switzerland’s scale explains why that matters. In 2025, imports of mined and recycled gold into Switzerland totalled 2,616 metric tons, out of a global total of 5,002 metric tons produced. Switzerland is also the world’s largest bullion refining and transit hub alongside the UK. luxurytribuneagbi

The pattern works like this. Gold from mines, traders and scrap collectors across Africa, Asia and elsewhere is aggregated, assayed and traded in Dubai. A large share goes on to Swiss refiners and vaults, from where it enters mainstream Western financial and industrial channels.

The scrutiny: transparency and origin

The same flows are drawing regulatory attention. On 10 September 2026, Switzerland’s Federal Council banned the purchase and import of gold of Sudanese origin, including imports via third countries. SWISSAID, the NGO that campaigns on gold supply chains, welcomed the ban but argued that gold imports from the UAE lack the necessary transparency to ascertain the true origin of this gold. It noted that Valcambi is the refinery importing nearly all UAE gold into Switzerland. Alle Meldungen +2

SWISSAID’s earlier work estimated that between 2012 and 2022 the UAE imported 2,569 tonnes of illegal gold from Africa, worth an estimated USD 115 billion. These are NGO findings and advocacy positions, and the UAE and Swiss refiners dispute broad characterisations of the trade. They do explain why “reliance on Dubai” is a compliance question as well as a commercial one. presseportal

Africa’s refining push in 2026

The premise that African nations are scaling up local refining is well supported by 2026 reporting.

Ghana

The Ghana Gold Board said the country refined 5.4 tonnes of the 5.7 tonnes of gold it purchased and exported in October, about 95%. GoldBod also started buying 30% of gold produced by large-scale mining companies from 1 July 2026. The Accra-based Gold Coast Refinery has a capacity of more than 80 tonnes a year and a partnership with South Africa’s Rand Refinery. Ghana refines 76 per cent of gold exports locally since August – GoldBod +2

Guinea: Nimba Gold Refinery

Guinea is the newest and, on paper, the largest entrant. President Mamadi Doumbouya inaugurated the Nimba Gold Refinery (NGR) in Gbessia, Conakry, on 1 November 2026, months after announcing a ban on raw gold exports and directing mining companies to refine and certify gold within the country. Authorities said industrial and artisanal gold will be channelled through the refinery. Guinea’s mines minister said it has a processing capacity of up to 730 tonnes per year and can produce bars with 99.99% purity. • Hausa Edition +2

Early signs point to fast progress. Financial Afrik reported that the first ingots refined at Nimba were shipped for export less than four months after the president’s decision to end raw gold exports. Three caveats apply: financialafrik

• Capacity figures vary. Reports cite a nominal capacity of 733 tonnes a year, according to the company, while earlier coverage described a start at 250 tons a year, expanding to 500 tons. Installed capacity is not throughput. riotimesonlineranksafrica
• Rules are still being written. The next step is publication of implementation texts setting out delivery quotas, licensing conditions for refineries and controls on artisanal gold flows. capmad
• Sourcing is untested. Analysts note that the first production figures will show whether gold from outside Guinea is arriving and whether central bank purchases are feeding the plant. geopoliticalmonitor

Guinea’s ambition to attract gold from neighbouring producers is the clearest sign yet that some African hubs want to compete with Gulf trading channels, not just serve domestic needs.

Burkina Faso

President Ibrahim Traoré inaugurated Raffinor-BF in Ouagadougou on 28 September 2026. The $19 million facility can initially process 164 tonnes of gold annually, well above reported national output. Gold made up nearly 94% of Burkina Faso’s export earnings in the first seven months of the year. Traceability remains a concern, as a June 2026 assessment identified Burkina Faso among African countries with high exposure to illicit gold networks. Burkina Faso opens first $19 million gold refinery to process more of its mineral wealth locally +2

Tanzania

The Mwanza refinery can process 480 kilogrammes of gold per day. The central bank had accumulated 27.5 tonnes under its Domestic Gold Purchase Programme by 10 June 2026. Eight refining facilities were operating as of 22 October 2026, with two more scheduled. Yet the state miner Stamico says Mwanza runs below its installed capacity because of a raw-material shortage. Tanzania to add gold to reserves, resume $3 billion iron project +3

Uganda

The Bank of Uganda’s programme targets 7 to 10 tonnes of locally mined gold annually and uses Euro Gold Refinery, Uganda’s first fully locally owned gold refinery. It is a three-year pilot launched in April 2026. softpower.ug +2

Zimbabwe

Fidelity Gold Refinery is the country’s sole authorised gold buyer, refiner and exporter. Deliveries reached 35.88 tonnes by the end of September 2026, against a 50-tonne target. fingazallafrica

Ethiopia

The National Precious Metals Refinery opened on 10 October 2026. It is a $50-million joint venture aimed at making the country a regional processing hub, and will process gold from Ethiopia and elsewhere. The IMF has urged the central bank to exit the artisanal gold trade by December 2026. Ethiopia launches its first gold refinery, Prime Minister says +2

Zambia

Minera Refineries Zambia Limited operates a facility that can refine gold up to 99.99% purity. The data gap is striking: the UAE recorded nearly $1.8bn of gold imports from Zambia in 2023, while Zambia’s central bank recorded exports of less than $128m. moneymetalsminingmx

Others

Kenya plans to ban unprocessed gold exports and build three new refineries, and Mali is building a 200-tonne-a-year refinery. nairametricsAl Jazeera

Why both trends can be true at once

1. Refining is one link in the chain. Dubai’s strength is trading liquidity, logistics, financing and access to buyers. A refinery in Accra, Conakry or Addis Ababa does not replace those services.
2. Capacity is not throughput. Burkina Faso’s plant can handle more than the country mines, Tanzania’s flagship plant has struggled for feedstock, and Nimba’s real test is whether enough gold reaches it.
3. Accreditation still sits abroad. Rand Refinery is Africa’s only LBMA-accredited refinery, and Tanzania still sends refined gold abroad for hallmarking. myjoyonlinethecitizen
4. Dubai is also an investor. The Mwanza refinery is a joint venture involving Dubai-based Rozella Genera Trading LLC. africanminingmarket
5. Supply is global. The UAE’s gold exports were $52 billion in 2023, and Africa is only one source. trendeconomy
6. Prices inflate values. Record trade values partly reflect gold prices, not just tonnage.
7. Some African hubs want to compete. Guinea, Ethiopia, Ghana and Mali are positioning as regional refining centres, but that is not yet visible in UAE data.

What to watch next

• Whether the 75.8% growth rate holds once price effects and the base period are clarified.
• Whether Nimba publishes production figures and whether foreign-origin gold flows into it.
• Whether Swiss authorities enforce origin disclosure for UAE-sourced gold at refineries such as Valcambi.
• Whether African refineries win LBMA accreditation and sell bullion directly to global buyers.
• Whether the gap between UAE-recorded imports and African-recorded exports narrows.

Conclusion

Africa’s refining push, now spanning Ghana, Guinea, Burkina Faso, Tanzania, Uganda, Zimbabwe, Ethiopia and Zambia and more, is genuine. It has not yet reduced Dubai’s centrality. Swiss customs data shows UAE-origin gold arriving in far greater volumes, and the UAE’s own figures show record trade. The more accurate picture is a shifting supply chain: Africa captures more early processing, while Dubai remains the main clearing point on the way to Switzerland, under growing pressure on transparency.

FAQ

How much did UAE exports to Switzerland grow in 2026?
The UAE reports a 75.8% rise in exports to Switzerland in the first nine months of 2026, though the base period may be 2024.

How much gold does Switzerland import from the UAE?
Per Swiss data reported by Miningmx, 420 tonnes (CHF 38.9 billion) in 2025 and 233 tonnes (CHF 27.8 billion) in the first seven months of 2026.

What is the Nimba Gold Refinery?
Guinea’s first industrial gold refinery, inaugurated on 1 November 2026 in Conakry. Guinea’s mines minister says it can process up to 730 tonnes a year at 99.99% purity.

Why is Dubai’s gold trade controversial?
NGOs such as SWISSAID say the true origin of some UAE-sourced gold is hard to verify. The Swiss government banned Sudanese gold imports on 10 September 2026.

Is African refining reducing gold flows to Dubai?
Ghana now refines most of the gold it buys locally, but the UAE’s overall gold-linked trade is still at record levels.

News references (2026)

1. WAM, “Mohammed bin Rashid: UAE non-oil foreign trade nears AED 3 trillion in nine months” (8 Nov 2026): https://www.wam.ae/en/article/c35hy7w-mohammed-bin-rashid-uae-non-oil-foreign-trade
2. Arab News, “UAE non-oil trade reaches $802bn as exports hit record” (Nov 2026): https://www.arabnews.com/business/uae-non-oil-trade-reaches-802bn-as-exports-hit-record-3010684
3. Miningmx, “Switzerland bans Sudanese gold imports” (Sep 2026): https://www.miningmx.com/news/gold/67230-switzerland-bans-sudanese-gold-imports/
4. SWISSAID press release, “Swiss government finally bans gold imports from Sudan” (10 Sep 2026): https://www.presseportal.ch/de/pm/100072962/100942267
5. SWISSAID press release, “United Arab Emirates: More Than Ever a Hub for Conflict Gold” (4 Nov 2025): https://www.presseportal.ch/de/pm/100072962/100936366
6. Luxury Tribune, “Switzerland, a Strategic Gateway for the Global Gold Market” (3 Nov 2026): https://www.luxurytribune.com/en/switzerland-a-strategic-gateway-for-the-global-gold-market
7. Capmad, “Guinea: local gold refining enters a new phase” (Nov 2026): https://www.capmad.com/post/guinea-local-gold-refining-enters-a-new-phase
8. Leadership (Nigeria), “Guinea Opens 1st Gold Refinery Months After Raw Gold Export Ban” (Nov 2026): https://leadership.ng/guinea-opens-1st-gold-refinery-months-after-raw-gold-export-ban/
9. Financial Afrik, “Guinea: First gold ingots from Nimba Gold Refinery shipped for export” (12 Oct 2026): https://www.financialafrik.com/2026/10/12/guinee-les-premiers-lingots-dor-de-nimba-gold-refinery-expedies-a-lexport/
10. Financial Afrik, “Guinée: le président Mamadi Doumbouya annonce le lancement de la Nimba Gold Refinery” (23 Jun 2026): https://www.financialafrik.com/2026/06/23/guinee-le-president-mamadi-doumbouya-annonce-le-lancement-de-la-nimba-gold-refinery/
11. The Rio Times, “Guinea Gold Refinery Opens on 1 November” (Nov 2026): https://www.riotimesonline.com/guinea-gold-refinery-opens-nimba-gold-doumbouya-2026/
12. Club of Mozambique, “Guinea bans raw gold exports, mandates local refining before shipment” (2026): https://clubofmozambique.com/news/guinea-bans-raw-gold-exports-mandates-local-refining-before-shipment/
13. Ghana News Agency, “Ghana refines 76 per cent of gold exports locally since August – GoldBod” (Oct 2026): https://gna.org.gh/2026/10/ghana-refines-76-per-cent-of-gold-exports-locally-since-august-goldbod/
14. Nairametrics, “Kenya to ban unprocessed gold exports, plans three new refineries” (15 Sep 2026): https://nairametrics.com/2026/09/15/kenya-to-ban-unprocessed-gold-exports-plans-three-new-refineries/
15. Pulse Ghana, “Burkina Faso opens first $19 million gold refinery” (29 Sep 2026): https://www.pulse.com.gh/story/burkina-faso-opens-first-gold-refinery-2026092912233877005
16. bne IntelliNews, “How Burkina Faso’s military junta expanded state control over gold” (1 Oct 2026): https://www.intellinews.com/how-burkina-faso-s-military-junta-successfully-expanded-state-control-over-gold-472070/?source=burkina-faso
17. The Chanzo, “Bank of Tanzania Accumulates 27.5 Tonnes of Gold” (13 Jun 2026): https://thechanzo.com/2026/06/13/bank-of-tanzania-accumulates-27-5-tonnes-of-gold-under-domestic-programme/
18. Daily News Tanzania, “More gold refineries or LBMA certification for Tanzania?” (Oct 2026): https://dailynews.co.tz/?p=167652
19. SoftPower Uganda, “Euro Gold Secures Contract to Refine Gold for Bank of Uganda” (8 Apr 2026): https://softpower.ug/?p=129255
20. allAfrica, “Zimbabwe Set to Surpass 50 Tonne Gold Delivery Target” (16 Oct 2026): https://allafrica.com/stories/202610160153.html
21. Engineering News/Reuters, “Ethiopia launches its first gold refinery, Prime Minister says” (12 Oct 2026): https://www.engineeringnews.co.za/article/ethiopia-launches-its-first-gold-refinery-prime-minister-says-2026-10-12
22. Money Metals, “Five African Countries Have Opened Gold Refining Facilities This Year” (27 Oct 2026): https://www.moneymetals.com/news/2026/10/27/five-african-countries-have-opened-gold-refining-facilities-this-year-005322
23. Miningmx, “Zambia targets $1.8bn from small-scale gold mining” (2 Sep 2026): https://www.miningmx.com/news/gold/66968-zambia-targets-1-8bn-from-small-scale-gold-mining/
24. Al Jazeera, “Africa can finally mine, beneficiate and industrialise on its own terms” (1 Jul 2026): https://www.aljazeera.com/opinions/2026/7/1/africa-can-finally-mine-beneficiate-and-industrialise-on-its-own-terms
25. Mining Weekly, “SA’s Rand Refinery inks strategic deal with Ghana’s Gold Coast Refinery” (6 Feb 2026): https://www.miningweekly.com/article/south-africas-rand-refinery-enters-strategic-partnership-with-ghanas-gold-coast-refinery-2026-02-06