UNITED ARAB EMIRATES - The President of the United Arab Emirates, His Highness Shaikh Khalifa Bin Zayed Al Nahyan, has enacted Federal Law No. 11 applicable to trading, hallmarking and certification of precious metals and stones, and gold, silver and platinum jewelry.
Failure to comply with the law will result in the following:
- Imprisonment for at least two years and/or fines between Dh500.000 and Dh1000,000 for forging hallmarks of precious metal and/or certificates of precious stone jewelry, or in selling, offering, possessing or trading in jewelry with forged hallmarks or certificates
- Imprisonment for one year and/or fines between Dh250.000 and Dh500,000 for improper hallmarking or certification from authorized institutions of precious metal or precious stone jewelry
- Fines of Dh100,000 to Dh500,000 for any authorized institution found issuing certificates for precious stones and metals showing incorrect information
- Fines of Dh50,000 to Dh100,000 for any violation of any of the provisions of the new law
This law will take effect six months after its publication in the official gazette.