Middle East has world leading markets such as Dubai when it comes to precious metals and stones consumer fashion. Naturally, the regulation of such high volume of business is also top notch and expectations from market players are high. Each of the GCC country has a set of quality control regulations that applies to all gold and diamond jewelry sold in the country. This system aims to ensure that all jewelry and precious resources sold in the country meet certain standards of quality and purity, and includes regulations related to the labeling, testing, and certification of jewelry. The regulations are enforced by the relevant Ministries of Economy or other competent authorities. In addition to quality control, such supervising authorities also impose responsible sourcing practices to address the requirements related to AML/CFT Compliance guidelines regarding Designated Precious Metals and Stones (DPMS) as laid down by the Financial Action Task Force (FATF). We have been part of the regional support mechanism for GCC market players getting them ready for first and second rounds of the FATF country evaluations for some of the GCC States for compliance with the FATF AML/CFT recommendations regarding Designated Non-Financial Businesses and Professions (DNFBPs).
Due to our high value service track record, we have served the cream of DPMS market players in the GCC in the areas of Compliance, Technology and financial governance. Consequently, we have been accoladed by regulators such as Dubai Economy for supporting their efforts in raising mass scale awareness when the goAML portal was launched in the Emirate. If you are a dealer in precious metals and stones, you can rest assured of one stop shop support when you partner with the AJMS Group.