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.