The President of Kyrgyzstan signed a law on Precious Metals and Precious Stones. Press service of the head of state reported.
The law was adopted by the Parliament on June 30, 2022.
The document will serve as a unified basis for regulation of the production and circulation of precious metals and stones. It will also allow to control operations with precious metals and create conditions for the development of the jewelry industry. The terms of the law comply with the legal requirements of the Eurasian Economic Union.
According to the document, domestic jewelers are exempted from mandatory hallmarking of all silver items made in Kyrgyzstan. This procedure is not obligatory when exporting locally produced silver products to countries outside the EAEU.
The law includes norms on the priority right of the Government and the National Bank to conclude transactions for the acquisition of refined precious metals, and also eliminates gaps and duplication in the legal framework for transactions with precious metals and stones. It includes new norms for state control over the import and export of precious stones.
