Executive regulation for precious metals issued

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Saudi Gazette report

RIYADH
— The Ministry of Commerce and Investment has issued the executive regulation for Precious Metals and Gemstones, pursuant to Article 21 of the Precious Metals and Gemstones Regulations.

The regulations issued by a Royal Decree in 1403 AH states that the minister of commerce shall issue the necessary rules and regulations to implement the provisions of this law, including the regulation specifying the types of precious metals and gemstones.

The executive regulation was prepared after considering the best relevant practices in the field. During the preparation process, a survey has been made to review the opinions of those interested, the concerned parties, experts and specialists, as well as the National Committee for Precious Metals and Gemstones at the Council of Chambers of Commerce and Industry.

The ministry pointed out that the implementing regulation includes the executive provisions related to the articles of this law, the most prominent of which are: Determining the standards for the purity of precious metals, description of the gems types included in the provisions of this regulation. The executive regulation also specifies the requirements and conditions for practicing the trade activity of precious metals and gemstones. The regulation obliges the traders and manufacturers to stamp their products by a registered trademark in accordance with the provisions of the GCC Trademark Law.

The regulation also defines the consumer’s rights by specifying the data to be included in the sales and purchase invoices.

The regulation also considers the World Competitiveness Index by reducing the licensing requirements for traders and manufacturers, taking into account the risk of this trade, without prejudice to consumer protection. It also ensures that the license to practice precious metals and gemstones activity to be consistent with the duration of the commercial registration.

In addition, the regulation set forth the duties of the judicial control officer and his powers to carry out the relevant inspection and control tours.


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