A recent surge in domestic gold prices, which pushed the value of gold 10 to 20 percent higher than international prices, has led to a surge in gold smuggling, authorities said Wednesday.
According to the Korea Customs Service, attempts to smuggle gold bars in particular, among various gold items, surged to 7.4 billion won ($5.08 million) in January this year, from just 20 million won for the entire year of 2024.
Gold smuggling overall, including gold bars and other items, increased from 200 million won in 2023 to 700 million won last year.
Korea Customs Service said it plans to strengthen inspections of arrivals and cargo, while seeking to cooperate with customs authorities overseas, particularly in Hong Kong and Japan.
The agency warned that smugglers lure couriers with offers such as free airline tickets. However it emphasized that even merely transporting smuggled gold constitutes a criminal offense and can lead to criminal charges here.
