Investments in gemstones sector rise in the Sultanate for Q1 of 2017

By Business Reporter — MUSCAT: MAY 6 – The Ministry of Commerce and Industry (MoCI) declares that the total amount of gold, silver and platinum allies and forgings stamped in the first quarter of 2017 reached 3,739 kilogrammes, valued at RO 85,343 as against 3,369 kilogrammes valued at RO 72,940 in the same quarter of 2016. The ministry noted that this increase in gemstones examining and stamping proves the rise of investment in gemstones in Oman, which will open more horizons of investment in the same field. The Directorate General of Standardisation and Metrology at the Ministry of Commerce and Industry plays a big role in controlling valuable metals and gemstones.

It works to limit illegal practices and protect consumers and merchants from cheating — whether by outer parties from which they import, or by workshop labourers, and encourages manufacturing of valuable metals and their storage as Omani wealth and also strives to eliminate customs evasion. Moreover, the MoCI lab examines gold and silver used in painting furniture, and the tools used in medical, scientific or industrial purposes that contain valuable metals. It also stamps valuable metals and forgings as per Omani legal standards, launches awareness campaigns and offers related direct services. Further, it undertakes routine and random inspections on valuable metals shops and workshops.

The ministry affirms that when consumers buy gold, silver or platinum forgings, they should check the Arabic numbers identifying gold forgings’ standards. There are certain marks that symbolise forgings’ types: a dagger symbolises gold, coffee pot for silver, and a tower for platinum.