Conditions for selling artifact and jewelry carrying banned stamps.

Based on the directives of the Minister of Commerce and Industry and the Minister of Communications and Information Technology Mazen Al-Nahedh, the Undersecretary of the Ministry of Commerce and Industry Muhammad Al-Enezi issued a decision to allow companies and institutions, which work in the field of trading in precious artifacts and jewelry, to sell their artifacts with stamps that were banned under ministerial resolution No. 114/2021, but under certain conditions, reports Al-Rai daily.

The selling of artifacts and jewelries bearing banned stamps should be conducted according to the following conditions:

  • The quantity must be registered in the precious metals management system.
  • An appointment must be obtained for re-stamping.
  • Artifacts sold with banned stamps should be documented in a special register that has to be handed over to the Precious Metals Department. The register must contain consumer data according to the obligations included in the Anti-Money Laundering and Terrorism Financing Law.
  • A clear notice with the exact date for re-stamping must be placed in front of the shop.

According to the decision, the last day for selling the artifacts and jewelry bearing the banned stamp is May 30, 2023, which concurs with the conditions set forth in article 1.

Source- Arab Times.

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