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Precious Metals, Stones Marking Regulations To Launch Shortly In UAE |
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The Emirates Authority for Standardisation and Metrology, ESMA, has set up an awareness workshop in Dubai targeting 250 gold, jewellery and precious metal dealers nationwide to raise awareness of Federal Law No. 11 of 2015 on the control, trade, and stamping (or marking) of precious stones and metals and its executive regulations. During the workshop, Abdullah Al Maeeni, Director-General of ESMA, said that the new federal law will ensure compulsory implementation soon in the country. The gold, jewellery, pearls and precious stones sector in the UAE is witnessing remarkable growth, according to the Federal Customs Authority's report on the direct foreign trade of gold in 2016. The value of the country's imports of gold amounted to AED142.4 billion, while exports were AED75.9 billion, and re-exports reached AED26 billion, he added. The UAE is witnessing good growth in its economic sectors in light of the development, potential and promising opportunities it offers to the business sector and investors. The country accounts for about 14 percent of the world's gold trade, while the value of exports and re-exports increase the competitiveness of the UAE's gold industry and trade and confirms its commercial importance on the global gold trade map. He welcomed UAE leadership's early recognition of the importance of supporting and promoting the gold and jewellery sector, starting with the issuance of Federal Law No. 11 of 2015 by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. He praised the stimulation of this sector with the decision of the UAE cabinet this month which exempted investors and suppliers in the gold and diamonds from any taxes on their business transactions. Dr Yousef Al Saadi, Director of Technical Legislation Department at ESMA, touched on the requirements of trading in the UAE markets, the official stamp, the stamping points of certificates, the precious stones and the processed items, the issued certificate, leading to penalties and fines for violations. Al Saadi pointed out that traders should take care to facilitate inspection, ensure all new standards registered in the UAE, have a certificate of credit for the balance, make sure not to use wrong or unconfirmed criteria to be out of service, and balance adjustments. He explained that the trader is required to comply with the legal regulations specified in the law and its executive regulations, and not to put the occupied items or stones of value in the exhibitions for the purpose of selling unless they are stamped with the official stamp or accompanied by an identification card in accordance with the provisions of the law and this decision, containing stones of a certificate value in accordance with Article 7 of the Regulations. Amina Zainal, Director of Standards Metrology Department at ESMA, explained the programme for controlling the scales used in the trading of precious jewellery and stones. She pointed out that the objective of implementing the control programme is to seek the protection of the rights of individuals (traders and consumers) through periodic verification of accuracy the trade balances used, to ascertain the extent to which these balances correspond to the technical, standards and legislative requirements. The programme is concerned with the non-automatic electronic scales used in the trade of precious stones and metals, according to the UAE Gulf Standard No. UAE's GSO OIML R76-1: 2009, and is currently carried out annually by the technicians of the Authority or authorised by ESMA and the technicians in the delegated authorities in the state to carry out the verification. The director of Standards Metrology Department explained the responsibility of the trader if he was committed to facilitating the task of the inspectors and employees of ESMA and the authorised bodies to carry out the verification process and to use two or more scales screens for the new scales. The screen for the customer is clear, and his reading is appropriate. The current one-screen should be placed in a place where the consumer can see the value of his purchases, she added. |
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