Tuesday, July 4, 2023
Penalties for selling counterfeit Gold in Saudi Arabia
According to authorities in the Ministry of Commerce of Saudi Arabia, those who violate the rules governing the selling of gold will face legal consequences. They stated that anyone found in violation of the Precious Metals and Gemstones Law faces a sentence of no more than two years in prison, a fine of no more than SR400,000, or both. Join Saudi Expatriates Telegram channel
To make sure that the gold sales outlets complying to the law, the supervisory teams from the ministry are conducting inspection tours. The Saudi Standards, Metrology and Quality Organization (SASO)'s laboratories are where the inspection teams gather samples of precious metals and stones to determine whether or not they are in compliance with the requirements.
- The supervision teams make sure the stamp is genuine and that there isn't any shortage of gold during the rounds of visits. They examine the retail locations to identify any businesses operating without a license or with an expired license, as well as to ensure that the invoice contains all necessary information and to assess the purity and quality of the gold. Trending : New sites of Gold and Copper discovered in Saudi Arabia
- Gold sales are increasing significantly during the Hajj season, according to Salah Al-Ammari, an investor in the gold industry. This is due to the pilgrims' desire to purchase gold for their own use or to take back to their home nations as keepsakes. He claimed that pilgrims like to purchase chains, rings, and bracelets made of 21 carat gold.
- Al-Ammari stated that during the current Hajj season, gold sales by pilgrims in Makkah, Madinah, and Jeddah are expected to reach between SR500,000 and SR800,000. He credited this to the accuracy and professionalism of gold craftsmanship and designs that suit the purchasing preferences of pilgrims from various nationalities. Most Viewed : Penalty for non-disclosure of items worth 60,000 riyals or above, while leaving or entering into Saudi Arabia
