DRC, Kenyan Governments Investigating Rumours Of Smuggled Gold

About 80% of gold exported from the Democratic Republic of the Congo (DRC) is smuggled. Right now, the DRC and Kenyan governments are investigating rumours that 2.5 tonnes of gold were smuggled into Nairobi.

Kenyan President Mwai Kibaki agreed to allow a team of Congolese experts to stay in his country to investigate claims that a shipment of Congolese gold had arrived in the East African nation illegally, Congolese Mines Minister Martin Kabwelulu said in an interview today in the capital, Kinshasa.

“There are documents saying there was 2.5 tons of gold but they were false documents,” he said. At today’s price in London, 2.5 tons of gold would be worth about $113 million.

80% is a lot, and suggests the DRC government isn't that effective in cracking down. International pressure, linked with the new publicity blitz for "FairMined" gold which eschews conflict gold, is the most likely reason for this investigation. It remains to be seen whether publicized sweeps like this one will change anything.