Gems, bullion sales rise in first quarter

MUSCAT: Gold, silver and platinum sales rose by more than 10 per cent in the first quarter of the year, according to the Ministry of Commerce and Industry (MoCI).

The Ministry stated that this year’s first quarter total reached 3,739 kilogrammes up from 3,369 kilogrammes in the same quarter of 2016.

The increase in gemstones sales being examined and stamped, proves the rise of investment in gemstones in Oman, which will open more horizons for 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 protects 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 for 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 of valuable metals shops and workshops.

Consumers who buy gold, silver or platinum forgings should check the Arabic numbers identifying gold forgings’ standards, according to the ministry.

There are certain marks that symbolise forgings’ types: a dagger symbolizes gold, coffee pot for silver, and a tower for platinum.

The ministry will also be continuing to offer facilitations and measures for those who wish to work as gemstones manufacturers and sellers.