Saudi Arabia issues 5,963 precious metal licenses in 14 months

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The Ministry of Commerce issued 5,963 new licenses for the precious metals and gemstones sector since early 2020, Al Eqtisadiah newspaper reported, citing Abdul Rahman Al Hussein, spokesperson for the ministry.

He added that the ministry has issued 60 licenses since early 2021 until mid-February.

The Law of Precious Metals and Gemstones stipulates not to engage in the trade or manufacturing of precious metals and gemstones only after obtaining a license from the Ministry of Commerce.

Anyone who trades or manufactures precious metals, artifacts or gemstones without a license will be subject to imprisonment for a period not exceeding six months and a fine of SAR 90,000 maximum, or either of these two penalties. In addition, those who violate this law, including the sale outside the store, will be subject to a fine not exceeding SAR 200,000.