UAE Ministry announces new gold imports policy
The UAE’s Ministry of Economy on Thursday announced a new policy regarding the responsible sourcing of gold for importers and refiners and violators could face a penalty of up to Dh5 million.
The new regulations for responsible sourcing of gold will apply to the companies working in the field of gold refining, recycling of gold products inside and outside the country, precious metals and gemstones trade sector, which are classified as designated non-financial businesses and professions (DNFBPs).
There are currently 28 precious metal refineries operating in the country.
The new policy, which will come into effect from January 2023, is in accordance with the guidance from the Organisation for Economic Co-operation and Development (OECD) and its corresponding protocol for gold.
Under the new regulations, companies violating the rules could face a Dh50,000 to Dh5 million penalty for not adhering to the new norms. Violators could face jail terms as well.
