In an effort to end manipulation and dealing in fake items, the United Arab Emirates, one of the biggest gold markets in the world, has tightened control on trading in the yellow metal.
The economy and commerce ministry said new regulations streamlining trade in gold and other precious metals recently went into effect and that they would contribute to boosting demand in the local market, Agence France Presse reports.
The new rules have been under consideration for several years as there have been complaints about trading in fake gold and failure by dealers to comply with grade and other specifications defined by the ministry.
Under such laws, all imported gold and previous stones have to be tested by the municipality before they are stamped and numbered. Gold also must be marked with a falcon, silver with a fort, and platinum with a palm tree.
Imported gold stamped by foreign governments would be accepted only on a reciprocal treatment while plated items should show the percentage of all their components, according to the law issued by the minister.
The bulk of UAE’s gold trade is conducted in Dubai, which has become a major re-exporter of jewelry and other products to such vast consumer markets as India, Pakistan, Iran, Saudi Arabia and Southeast Asia.
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