Regulations on gold and precious metals by end of 2017
DUBAI 19 September 2017: The Emirates Authority for Standardisation and Metrology (Esma), said it is in the process of ensuring that gold balances in the UAE are precise.
The move is to ensure that the interests of both the consumer and the dealer are safeguarded. The UAE’s gold, jewelry and gemstone markets are considered to be the most reliable in Middle East and North Africa, said Wam.
During a meeting with a delegation of Dubai Gold and Jewelry Group in Dubai last week, Abdulla Abdul Qader Al Maeeni, Esma Director-General, revealed that it is expected that the UAE Cabinet Decision No. 11 of 2015, on the control of the trade in, and stamping of, precious stones and metals, an important legislative tool that ensures the rights of both the consumer and the merchant, will be in place before the end of this year.
The new requirements are based on complaints from consumers and suggestions from regulatory bodies in each emirate, particularly regarding ensuring that measuring weights are accurate, he added.
The Gold Traders Group in Dubai discussed the requirements and constraints of the presence of scales in shops, the statement of jewellery traders, and the procedures for consumer protection in relation to measuring scales. Some regulators in the UAE have requested that the hallmark stamping is accompanied by data in Arabic as well as English, along with sales invoices, the Director-General of Esma said.
The gold and jewellery dealers expressed their keenness to contract with the laboratories accredited by the authority for checking and calibrating the scales approved by Esma.
Esma, within its strategy, is primarily concerned with raising the quality of products and systems in the UAE, in support of the country’s plans towards sustainable development, enhancing the quality of life and building the UAE’s status as a major economic centre at regional and global levels, Al Maeeni said.
Official statistics show that the volume of gold trade in the UAE grew by 13 per cent last year, with a total value of Dh244.3 billion compared to Dh217 billion in the previous year, while the value of exports amounted to Dh75.9 billion, and the value of re-exports Dh26 billion.