Article 1 of the Saudi Precious Metals and Gemstones Law

This article identifies the government bodies responsible for the gold, silver and other precious metals and gemstones sector, and divides supervision according to the type of activity:

• Manufacturing (paragraph 1): the Ministry of Industry and Mineral Resources supervises and oversees the manufacture of precious metals and gemstones and their articles and the plated, coated and inlaid items.
• Trade (paragraph 2): the Ministry of Commerce supervises and oversees the trade in these metals and stones, their articles, and the plated, coated and inlaid items.

In both cases the supervision and oversight are as the regulations specify, so the details of the powers and how they are exercised are for the regulations.

The article in its present text was issued by Royal Decree No. M/87 dated 3/4/1446 AH, and the amendment takes effect from 8/4/1447 AH.

This article connects to Article 2, which prohibits carrying on the manufacture of precious metals and gemstones except after obtaining a license from the Ministry of Industry and Mineral Resources, subject to what other laws provide, and refers to the regulations the setting of the fees for licenses and services. A factory or workshop operator therefore deals mainly with the Ministry of Industry, while a shop that sells is subject to the supervision and oversight of the Ministry of Commerce. Anyone who needs to know the body responsible for their activity may consult a lawyer specializing in commercial cases.