MC: Specialist Teams Ensure Gold Sales Outlets' Adherence to Regulations

08 Aug 2023


The Ministry of Commerce is stepping up its vigilance over gold and jewelry sales establishments across the nation, aiming to confirm their adherence to regulations and the Precious Metals and Gemstones Law. In this comprehensive effort, specialist inspectors appointed by the Ministry are meticulously scrutinizing these outlets to ensure they align with the stipulations outlined in the law.

These inspections include verifying the presence of a valid commercial register specifically for activities related to precious metals and gemstones. Additionally, inspectors cross-reference the information on this register with the promotional materials of the store, ensuring consistency and transparency in operations. 

Furthermore, the hallmark and trademark are carefully examined during these assessments. These symbols, integral to ensuring the authenticity and quality of products, must be registered with the Saudi Authority for Intellectual Property.

Specialists from the Ministry are meticulously verifying the legitimacy of the sold items, ensuring they originate from licensed entities. This involves meticulous cross-referencing of invoice details with the regulations pertaining to precious metals and gemstones, as well as their accompanying executive regulations. The aim is to validate the accuracy of gemstone certificates or quasi-precious certificates, confirming their faithful depiction of the stones.

In instances where doubt arises about an item's authenticity, inspectors take precautionary measures by procuring a sample for safety evaluation. This sample undergoes a stringent process, including weighing and subsequent melting in specialized furnaces, adhering to the SASO ISO11426 specification. After cooling, the metal is analyzed, and its weight is reconfirmed to ascertain its karat. In the event of violations, detailed reports are compiled, and the case is handed over to the public prosecution for further investigation by the relevant committee.

It is essential to underline that individuals found in breach of the precious metals and gemstones regulations could face legal consequences. Penalties may include imprisonment for up to two years and a fine reaching 400,000 Saudi riyals, or one of the two penalties mentioned. 

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Last Modified 17 Aug 2023