Tuesday 19, September 2017 by William Mullally

ESMA: Regulation of the control of gold and precious metals by end of 2017

During a meeting with a delegation of the Dubai Gold and jewellery 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 Emirates Authority for Standardisation and Metrology, ESMA, has confirmed that the process of controlling the gold balances in the UAE is conducted in a precise manner, ensuring that the interests of both the consumer and the dealer are safeguarded, while the country's gold, jewellery and gemstone markets are considered to be the most reliable Middle East and North Africa region, UAE state news agency WAM reported. 

During a meeting with a delegation of the Dubai Gold and jewellery 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, which will be updated on the draft regulations, were 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 AED 244.3 billion compared to AED 217 billion in the previous year, while the value of exports amounted to AED 75.9 billion, and the value of re-exports AED 26 billion, reported WAM.

 

Features & Analyses

SME Finance Risk Management

  Business risks exist everywhere but early implementation of a proper management system can mitigate them once they occur, or… read more