UAE to regulate gold balances by year-end
DUBAI, September 18, 2017
Emirates Authority for Standardisation and Metrology (ESMA) said process has begun on controlling the gold balances in the UAE in a precise manner, thus ensuring that interests of both the consumer and dealer are safeguarded.
The country's gold, jewellry and gemstone markets are considered to be the most reliable in Middle East and North Africa (Mena) region, reported state news agency Wam, citing a top official.
Official statistics show that the volume of gold trade in the UAE grew by 13 per cent last year to hit a total value of Dh244.3 billion ($66.5 billion) compared to Dh217 billion ($59 billion) the previous year, while the value of exports amounted to Dh76 billion ($21 billion), and the value of re-exports hit Dh26 billion ($7 billion).
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 by the end of this year, revealed Abdulla Abdul Qader Al Maeeni, Esma director-general.
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, said Al Maeeni during a meeting with a delegation of the Dubai Gold and Jewellery Group in Dubai.
According to him, Esma is primarily concerned with raising the quality of products and systems in the UAE, in support of the country's plans towards sustainable development.
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, said the Wam report.
Al Maeeni said some regulators in the UAE have suggested that the hallmark stamping should be accompanied by data in Arabic as well as English, along with sales invoices.
During the meeting, the gold and jewellery dealers expressed their keenness to sign contracts with the laboratories accredited by the authority for checking and calibrating the scales approved by Esma, the report added.
