Awareness workshops for traders on gold and precious stones law
The Emirates Authority for Standardization and Metrology (ESMA) continuously seeks to enhance the competitiveness of the UAE's position in the gold trade markets regionally and globally, and to maintain the UAE's leading position as a global center for gold, especially in light of the entry of the technical regulation of the law on the Federal Law for the Control of Trade in Precious Stones. Precious and stamped, took effect last year.
We organized several meetings with gold and jewelery dealers, while focusing on the importance of legislation and laws in protecting the rights of consumers and merchants together, mechanisms of cooperation between the two sides on the requirements of the Federal Law and its implementing regulations.
The UAE's gold, precious jewelery, pearls and precious stones trade sector has witnessed a remarkable growth in the past years. The value of re-exports reached 26 billion dirhams, according to the Federal Customs Authority. The value of gold imports amounted to 142.4 billion dirhams, while the value of exports reached 75.9 billion dirhams.
We always seek to explain the dimensions and objectives of the legislation, and its importance in terms of ensuring the reputation of local markets, especially that the application will include the state markets in general, and the law and its executive regulation does not include the movement of re-export outside the State or foreign markets.
Executive Journalist Editor
October 22, 2019