The Ministry of Commerce and Industry is currently studying the possibility of extending the July 2022 deadline given to gold and jewelry dealers to dispose their stocks of gold bearing the old seal for a period ranging from six months to one year, reports Al-Anba daily quoting sources from the Union of Gold and Jewelry Traders. Sources said the new seal will be applied starting from January 2022, indicating that the ministry canceled the old seal in order to prevent attempts to counterfeit it. Sources affirmed the ministry will use advanced technical methods that prevent counterfeiting and to protect consumers from fraud, in a bid to safeguard the reputation of the local gold and jewelry market.

Source: Arab Times