PRECIOUS & GEMSTONES LAW

HIGHLIGHTS OF THE PRECIOUS & GEMSTONES LAW IN SAUDI ARABIA

• Regulation of Trade: The law outlines regulations for the trade, import, and export of precious stones and gems, ensuring compliance with international standards and ethical practices.
• Quality Standards: Specifies quality standards and grading criteria for precious stones and gems traded within Saudi Arabia.
• Licensing Requirements: Mandates licensing for businesses involved in the trade of precious stones and gems, ensuring that only authorized entities engage in such activities.
• Consumer Protection: Provides measures to protect consumers from counterfeit or misrepresented gemstones, enhancing trust and confidence in the market.
• Enforcement and Penalties: Enforces strict penalties for violations of the law, including fines, confiscation of goods, and legal actions against offenders.

ISSUER OF THE PRECIOUS & GEMSTONES LAW IN SAUDI ARABIA

The Precious & Gemstones Law in Saudi Arabia is issued by the Ministry of Commerce of the Kingdom of Saudi Arabia.

WHO IS SUBJECT TO THE PRECIOUS & GEMSTONES LAW IN SAUDI ARABIA

• Importers and Exporters: Entities engaged in the import and export of precious stones and gems into and from Saudi Arabia.
• Wholesalers and Retailers: Businesses involved in the wholesale and retail trade of precious stones and gems within the Kingdom.
• Manufacturers and Processors: Entities engaged in the manufacturing and processing of jewellery and other products containing precious stones and gems.
• Individuals: Individuals possessing or trading precious stones and gems within Saudi Arabia are also subject to the provisions of the law.