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Hong Kong – Transitional Period for Registration Under the Dealers in Precious Metals and Stones Regulatory Regime Has Ended

Hong Kong Metals and Stones

Transitional Period for Registration Under the Dealers in Precious Metals and Stones Regulatory Regime Has Ended

The Dealers in Precious Metals and Stones Regulatory Regime went into force on April 1, 2023, in accordance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). Registration with the Commissioner of Customs and Excise is necessary for anyone wishing to conduct business in Hong Kong dealing in precious metals and stones and conducting any transaction(s) (making or receiving payment) with a total value of at least HK$120,000. 

The nine-month transitional phase to ease the transition of trade to the registration system, which began on April 1, 2023, with the initiation of the associated legislative reform, ended on January 1, 2024. 

Items covered by the registration regime

  • Precious metal, i.e. gold, silver, platinum, iridium, osmium, palladium, rhodium or ruthenium, in a manufactured or unmanufactured state;
  • Precious stone, i.e. diamond, sapphire, ruby, emerald, jade or pearl, whether natural or otherwise;
  • Precious product, i.e. any jewellery or watch made up of, containing or having attached to it, any precious metal or precious stone, or both;
  • Precious-asset-backed instrument

The application can be submitted in person at the Dealers in Precious Metals and Stones Supervision Bureau, via mail, or online at https://www.drs.customs.gov.hk. 

All dealers submitting registration applications after today must be successful in obtaining the necessary registration in order to conduct any cash or non-monetary transaction(s) with total value after the transitory period ends. 

Source: https://www.info.gov.hk/gia/general/202401/01/P2023123100188.htm?fontSize=1