Dubai: The Saudi Ministry of Commerce has announced that strict penalties will be imposed on those found to be violating regulations regarding the sale of gold. According to sources within the Ministry, those who are found selling counterfeit gold could face imprisonment for up to two years, a fine of up to SR400,000, or both.
Teams from the Ministry are conducting inspections of gold sales outlets to ensure compliance with the Precious Metals and Gemstones Law. These teams collect samples of precious metals and gemstones, which are then examined in the laboratories of the Saudi Standards, Metrology and Quality Organization (SASO) to ascertain adherence to stipulated specifications.
During these inspections, teams are verifying the validity of stamps, checking for any discrepancies in the quality of gold, inspecting licenses of sales outlets, and ensuring that invoices contain all the required information including the purity of the gold.
Investor Salah Al Ammari, who is involved in the gold business noted that gold sales typically witness a significant spike during the Hajj season. Pilgrims are often keen to purchase gold for personal use or as souvenirs. He highlighted that 21 karat gold items, such as chains, rings, and bracelets, are particularly popular among the pilgrims.
Al Ammari also projected that gold sales in Mecca, Medina, and Jeddah could reach between SR500,000 and SR800,000. He attributed this to the high quality of craftsmanship and the range of designs that appeal to pilgrims from diverse nationalities.
