Legislation Overview
- Full Title: Federal Law Concerning Monitoring Trade in Precious Stones, Precious Metals; and its Stamping - Law Type: Federal Law - Issued Date: 03 Nov 2015 - Effective Date: 16 May 2016 - Sector: Economy and Business - Number of Articles: 64 - Status: Active
Summary
This federal law regulates the trade and hallmarking of precious metals and stones in the United Arab Emirates. It establishes legal standards of fineness for gold, silver, and platinum jewelry, and defines key terms related to precious metals and stones. The law mandates hallmarking of wrought precious metal articles, sets requirements for exporting precious metals and stones, and creates a committee to oversee enforcement. Penalties are specified for violations such as counterfeiting hallmarks or certificates. (Federal Law Concerning Monitoring Trade in Precious Stones, Precious Metals; and its Stamping, 2015, Arts. 1-64)
What is the scope and purpose of this law?
The purpose of this law is to regulate and monitor the trade in precious stones, precious metals, and the hallmarking of such items in the UAE. It applies to the sale, possession, export, and hallmarking of precious metals and stones. (Federal Law Concerning Monitoring Trade in Precious Stones, Precious Metals; and its Stamping, 2015, Art. 1)
What are the key definitions?
The law defines key terms such as: - "The State": the United Arab Emirates (Art. 1) - "Hallmarking": Stamping precious metals with a mark indicating their type, legal standard of fineness and level of purity (Art. 1) - "Official Hallmark": The hallmark approved in the UAE by the Ministry (Art. 1) - "Precious Metals": Gold, silver, platinum, and platinum-group metals (Art. 1) - "Precious Stones": Natural organic and inorganic gemstones, artificial gemstones and semi-precious stones (Art. 1) - "Wrought Articles": Pieces wholly or partly made of a precious metal of purity not lower than the standards specified (Art. 1) - "Unwrought Articles": Unmanufactured precious metal alloys (Art. 1)
What are the main obligations and requirements?
The key obligations under this law include: - Sale, offering for sale or possession for sale of wrought articles is prohibited unless they are stamped with the official or foreign hallmark (Art. 4) - Precious metals and stones may not be exported unless accompanied by a certificate or identification card (Art. 5) - Hallmarking bodies and certification bodies must be accredited or registered with the Ministry (Art. 13) - Holding exhibitions for wrought articles or precious stones requires a license from the competent authority (Art. 15)
What are the rights and protections?
This legislation does not include specific provisions on rights and protections granted to individuals or businesses.
What are the penalties for non-compliance?
The law specifies the following penalties: - Imprisonment for no less than 2 years and/or a fine of AED 500,000 to AED 1,000,000 for offenses such as counterfeiting hallmarks or certificates (Art. 20) - The Committee for Controlling Trading in and Hallmarking Precious Metals and Stones can impose a fine of up to AED 50,000 or issue a notice to violators (Art. 18)
How does this law interact with other UAE legislation?
The law references several other UAE federal laws, including: - Federal Law No. (1) of 1972 on the Competences of Ministries and the Powers of Ministers - Federal Law No. (1) of 1979 Regulating Industrial Affairs - Federal Law No. (4) of 1979 on the Suppression of Fraud and Deception in Commercial Transactions - Federal Law No. (37) of 1992 on Trademarks - Federal Law No. (9) of 1993 Controlling Trading in and Hallmarking of Precious Metals and Stones (Art. 1)
When did this law come into effect and what are the transitional provisions?
This law came into effect on 16 May 2016. (Federal Law Concerning Monitoring Trade in Precious Stones, Precious Metals; and its Stamping, 2015, Art. 1) The legislation does not include any specific transitional provisions.
Source Documents
This article analyses Federal Law Concerning Monitoring Trade in Precious Stones, Precious Metals; and its Stamping for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.