The Ministry of Commerce seeks public feedback on a draft of the implementing regulations for the Precious Metals and Gemstones Law through Istitlaa platform until Sept. 4.
In a statement issued today, the ministry stated that the draft aims to align with recent amendments to the law by setting out regulatory provisions governing the trade and manufacturing of precious metals and gemstones, their products, as well as coated, plated, or inlaid items, in line with best practices.
Under the regulations, no one may engage in the manufacturing of precious metals and gemstones without first obtaining an industrial license from the Ministry of Industry and Mineral Resources, in accordance with the Unified Industrial Regulatory Law of GCC and its executive regulations, along with any subsequent amendments. This is subject to the conditions and procedures set by the ministry.
In addition, the regulations do not allow engaging in the sale of precious metals and gemstones, changing business locations, or ceasing operations without notifying the Ministry of Commerce. However, it allows sales through e-stores and self-service machines.
For businesses engaged in repair, cleaning, welding, plating, or polishing of precious metal works, the activity must be included in the entitys commercial registration.
The draft bans the sale, display, or possession for sale of any item unless it meets specific requirements, chiefly being stamped with the Kingdoms official hallmark or a registered trademark.
Foreign hallmarks indicating the carat of imported precious metal items will be accepted provided they match one of the official standards. Antique items over 100 years old are exempt.
