https://arab.news/8thwb
- The Law of Precious Metals and Gemstones stipulates not to engage in the trade
Saudi Arabia’s Ministry of Commerce issued 5,963 licenses in precious metals and gemstones sectors since early 2020, a report in Al-Eqtisadiah quoted a ministry spokesman as saying.
Abdul Rahman Al-Hussein said during the current year the ministry issued 60 licenses until mid-February.
The Law of Precious Metals and Gemstones stipulates not to engage in the trade or manufacturing of precious metals and gemstones without a license.
Anyone who trades or manufactures precious metals or gemstones without a license will be subject to imprisonment for a period not exceeding six months and a fine of SR90,000 ($23,997) maximum, or either of these two penalties. Sales outside a store will also be subject to a fine not exceeding SR200,000.