Mali has established a new state entity to regulate its artisanal gold trade after identifying large discrepancies between officially declared exports and volumes reported by importing countries, the government said.

The Malian Office of Precious Substances will oversee and centralise gold trade flows, the council of ministers said in a statement on Wednesday.

Artisanal mining in Mali, one of Africa's largest gold producers, employs nearly two million people across 350-400 sites but much of the sector’s output is smuggled, the government said.

A 2024 SWISSAID report estimated undeclared Malian gold exports at 30 to 57 metric tonnes a year, worth $1.98 billion to $3.77 billion. The country produced about 300 tonnes of undeclared gold worth $13.5 billion between 2012 and 2022, it said.

Most important export

Gold is Mali's most important export, with industrial mines producing and exporting about 60 tonnes annually.

Globally, gold producers are increasingly moving to formalise artisanal mining, which accounts for more than 20% of global output and employs over 10 million people.

Mali's gold exports rose to 2.75 trillion CFA francs ($4.81 billion) in 2025 from 1.61 trillion CFA francs a year earlier, according to national statistics institute Instat.

South Africa accounted for 60.4% of Mali's official gold exports, followed by the United Arab Emirates and Australia with 12.2% and 12.1% respectively.