Acting Undersecretary of the Ministry of Commerce, Muhammad Al-Enezi, said starting from the beginning of next year, the precious metals market will be regulated according to legal controls to prevent any abuses.
The ministerial decision, he says, bans the sale of gold artifacts bearing old Ministry of Commerce and Industry stamp, reports a local Arabic daily.
Al-Enezi indicated a decision issued in 2021 gave a deadline until the end Dec 31, 2022, to sell all such gold artifacts (bearing old stamps)/
He explained “after this date, every piece of gold bearing the old stamp is considered used and sold on this basis,” while at the same time reassuring citizens and residents that “the jewelry and gold they own has nothing to do with the decision, which retains its value.”
He pointed out that the decision requires shop owners not to display any work bearing the old stamp, as of January 1, 2023, indicating that any artifacts bearing the old stamp can be submitted to the Ministry of Commerce to be stamped with the new stamp within a period not exceeding two to 3 days.