JEDDAH — The Ministry of Commerce sources said that violators of regulations with regard to gold sales will be penalized as per the law. They noted that whoever violates the Precious Metals and Gemstones Law will be punished with imprisonment for a period not more than two years or a fine not exceeding SR400,000 or of both. Speaking to Okaz/Saudi Gazette, the sources said that supervisory teams from the ministry are carrying out inspection tour of gold sales outlets to ensure their compliance with the provisions of the law. The inspection teams take samples of precious metals and stones and examine them in the laboratories of the Saudi Standards, Metrology and Quality Organization (SASO) to verify whether they are complying with the specifications or not. During the rounds of visits, the oversight teams are ensuring whether the stamp is valid, and is there any shortage in caliber of gold. They inspect the sales outlets to find out those shops that are operating without license or expired license, as well as to verify that the invoice contains all the required data, and check the degree of purity and caliber of gold. Meanwhile, Salah Al-Ammari, an investor in the gold sector, said that gold sales are witnessing a significant increase during the Hajj season. This is in view of the pilgrims' interest in buying gold for personal use or as souvenirs when returning to their countries. He said that 21 karat gold is more popular among pilgrims, as they tend to buy chains, rings and bracelets. Gold sales by the pilgrims in Makkah, Madinah and Jeddah are expected to reach between SR500,000 and SR800,000 during the current Hajj season, Al-Ammari said while attributing this to the precision and professionalism of gold craftsmanship and designs that suit purchasing tastes of pilgrims from various nationalities.
