New law on precious metals and stones trade in UAE

This content was originally posted in 7DAYS UAE website at: New law on precious metals and stones trade in UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a federal law on precious metals and jewellery in the UAE. National news agency WAM reported that under the law, people involved in forging hallmarks on precious metal and/or jewellery certificates or in selling, offering, possessing or trading in jewellery with forged hallmarks or certificates, will be imprisoned for at least two years and/or fined between Dhs500,000 and Dhs1 million. Those involved in dealing in precious metals or jewellery without proper hallmarks or certificates from authorised institutions will be imprisoned for one year and/or fined between Dhs250,000 and Dhs500,000. A fine of between Dhs100,000 and Dhs500,000 will be imposed on any authorised institution found issuing certificates for precious stones and metals showing incorrect information. Any violation of any of the provisions of the new law will be punishable by a fine of between Dhs50,000 and Dhs100,000. The UAE’s annual consumption of gold and precious stone and pearl jewellery is estimated at Dhs60 billion, while the sector accounts for 37 per cent of the country’s non-oil trade. news@7days.ae Read the original story at: New law on precious metals and stones trade in UAE