On the trade in precious stones and metals (UAE Federal Law No. 11 of 2015 on the control of trade in precious stones and precious metals), which came into effect last year.
His Excellency Abdullah Al Maeeni, ESMA Director General, said that the meeting highlighted the importance of focusing on enhancing the UAE's leading competitiveness in the world trade in gold, precious stones and Jewelery, and how ESMA by its laws and regulations serves and protect the rights of consumers and traders.
The UAE's trade in gold, precious stones has grown significantly in recent years. The country's foreign trade in this sector is estimated at about 400 billion dirhams annually, while the country's imports of gold reached 142.4 billion dirhams, while the value of exports amounted to 75.9 billion dirhams, and the value of re-exports to 26 billion dirhams, according to the Federal Customs Authority.
He added that ESMA has reached an agreement with the Dubai Gold and Jewelery Group, to organize the second awareness workshop for traders, which will be held next month in Dubai, to explain the scope of the legislation and its objectives and its importance in terms of ensuring the reputation of local markets. The law and its executive regulations include the re-export movement outside the country or foreign markets.
He explained that the meeting also touched on the seals and stamping of gold and jewelry, and how the UAE legislation will help consumers and traders to obtain accuracy in weight, reading scales and specifications, requirements and controls of balances in stores and labels of product on jewelry and support the export process of these products and consumer protection measures.
The Emirates Authority for Standardisation and Metrology (ESMA), was implemented in October last year, the first awareness-raising workshop of the law and regulation targeting 250 gold and Jewelery merchants of gold and precious metals at the state level to raise awareness.