Syria Imposes New Controls on Gold Market: Ban on Selling Used as New and Prohibition of Social Media Marketing

The General Commission for Precious Metals has issued a new set of regulations governing the work of jewelers and gold shops in the Syrian market. This move aims to tighten control over the trade of gold jewelry and protect consumers from violations related to prices, purities, and irregular sales.

The commission emphasized prohibiting the sale of gold at prices higher than the approved daily rate or purchasing gold from citizens at less than the official buying price. Gold shop owners will be held fully responsible for the accuracy of the gold purities displayed in their stores.

The new instructions also oblige jewelers not to sell any used gold piece before verifying its actual purity, especially for heavy weights and ingots. It explicitly prohibits selling used jewelry as new, with a clear requirement to specify the item's condition on the invoice.

The decisions included setting the crafting fees for used jewelry not to exceed half the fees for new pieces of the same type. Additionally, it prohibited the use of clasps or components with purities lower than the original gold piece, obliging the jeweler to use a clasp of the same purity to maintain the quality of the craftsmanship and the credibility of the sale.

The commission mandated that shop owners display the weight of added stones and decorations on the identification card and invoice. It also prohibited issuing any invoice that does not include complete official data, including the shop's name and address, the item's weight and purity, the price per gram, crafting fees, date of sale, and customer name, as reported by the Syrian Arab News Agency (SANA).

As part of tightening market control, the commission requested gold shop owners to refrain from publishing gold prices or offers for new and used jewelry sales via social media. It also prohibited the sale of foreign gold jewelry that does not bear the official Syrian hallmark.

The commission considered any shop that does not meet the basic requirements, such as approved scales, safes, cameras, and security systems, to be in violation of the regulatory instructions.

This decision complements previous measures taken by the commission to regulate the gold market in Syria, most notably the ban on selling gold jewelry through social media and restricting sales operations to licensed shops only, in an attempt to limit unregulated trade and enhance oversight of the sector.