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Saudi Arabia Issuance of 270 business licenses in gold in 6 months

The Saudi Ministry of Commerce said it issued more than 270 business licenses for the gold business during the first half of quest’year.
Abdul Rahman Al-Hussein, an official spokesperson for the Ministry of Commerce, told Al-Eqtisadiah newspaper that the total number of existing business licenses reached 6,125 at the end of the period.

According to the Ministry of Commerce, it is forbidden to engage in the manufacture of or trading in precious metals And other precious stones of value except after the license is issued by the Ministry of Commerce, and the licensee must keep the precious metals license and the commercial register of the shop or a copy thereof in his shop.

According to the legislation, each owner of an operator or importer of precious metals must request the Ministry of Commerce or one of its branches to register a distinctive sign with which to stamp all the articles of its products or imports.

He indicated that the store owner and direct store manager are jointly responsible for the items in the store and that he must prove their sources if requested by the official authorities, and he is prohibited from purchasing these items from an unknown, minor or suspect.

Painted and coated objects must be stamped with the word “Coated” and, if the dimensions of the coated or stamped objects do not allow it, each piece of it must be accompanied by a card bearing the aforementioned declaration in addition to the name of the shop and the salesperson.

The regulation stressed that authorized store owners must comply with the billing form, deliver a copy to each shopper, and keep invoices in their stores for at least five years, in order to refer to it when needed.

The shop owner must keep a register certifying the origin of his precious metals and precious stones and their works for ten years, and must prove their origin, if requested by the official authorities.

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