Kuwait City: Kuwait has introduced stricter regulations for the gold, jewellery and precious metals sector as part of efforts to strengthen measures against money laundering and improve transparency in financial transactions.
Under amendments issued by the Ministry of Commerce and Industry, gold dealers, jewellery shops, workshops and wholesale traders will now be required to follow stricter documentation and transaction procedures for the transfer and sale of precious metals.
The new regulations restrict the transfer of ownership of gold between jewellery stores, workshops and wholesale businesses. Such transfers will only be permitted in cases involving a legitimate sale or change of ownership, while transactions that do not involve ownership transfer will no longer be allowed.
The ministry has also introduced significant changes to the way customers exchange old gold for new jewellery. Under the revised rules, the value of old gold cannot be directly deducted from the price of a new purchase.
Instead, the value of the old gold must first be transferred to the customer’s bank account. The customer must then purchase the new jewellery by paying the full amount through banking channels, ensuring both transactions are recorded separately.
Authorities said each transaction must include detailed records, including the date, weight, purity (carat) and value of the gold involved. The new measures are intended to create a transparent audit trail and strengthen efforts to prevent financial crimes in the precious metals sector.
The ministry said the revised procedures form part of Kuwait’s broader commitment to enhancing anti-money laundering compliance and ensuring greater accountability in commercial transactions.
