Saudi Gazette report
RIYADH — The Ministry of Commerce and Ministry of Industry and Mineral Resources announced the implementation of the Cabinet decision with regard to approving amendments to several articles of the Precious Metals and Gemstones Law, effective from Saturday, October 11.
As per the amendments, the Ministry of Commerce will oversee the trade in precious metals, gemstones, and their artifacts, as well as items plated, coated, and inlaid with them, in addition to overseeing their sales outlets. The Ministry of Industry and Mineral Resources will oversee the manufacture of these products and monitor industrial facilities.
The Cabinet decision includes the transfer of all responsibilities related to supervision, oversight, and licensing of the precious metals and gemstones industry from the Ministry of Commerce to the Ministry of Industry and Mineral Resources. It emphasized that the issuance of the executive regulations for the law will be made by a decision of the Minister of Commerce in agreement with the Minister of Industry and Mineral Resources, which includes detailed provisions of the law.
The amendments stipulate that the precious metals and gemstone industry shall be practiced only after obtaining an industrial license from the Ministry of Industry and Mineral Resources. The amendments also authorize the Ministry of Commerce, in agreement with the Ministry of Industry and Mineral Resources, to require jewelry owners to use distinctive hallmarks registered in accordance with the regulations.
The amended regulations include a number of provisions, such as the abolition of the standard karat as valid when a deficiency of no more than four carats is proven. They also require the attachment of an identification card to any jewelry with gemstones, including the necessary disclosure information. The regulations prohibit advertising precious metals and gemstone products without specifying the type, weight, karat, and price of each product according to its nature.
The regulations also require establishments to issue a separate invoice when purchasing from individuals, including the seller's name, ID number, and nationality, in addition to the requirements applicable to consumer sales. They also require a designated area within the store to display used jewelry with synthetic or single diamonds.
The Ministry of Industry and Mineral Resources calls on anyone engaged in any activity related to the precious metals and gemstones industry without an industrial license to apply to the ministry to regularize their status and obtain an industrial license through the Senaei platform within a period not exceeding six months from the date of implementation of the Cabinet Decision No. 269.
The Ministry of Commerce, and Ministry of Industry and Mineral Resources affirmed their continued implementation of the provisions of the law and its executive regulations, in a manner that enhances the efficiency of the precious metals and gemstones sector in the Kingdom, apart from ensuring consumer protection, and supporting product quality in the markets.