Turnover of precious metals in Kazakhstan will be regulated on legislative basis

Kazakhstan Parliament’s Majilis Deputies discussed the draft law "On Precious Metals and Precious Stones" and accompanying "On amendments and additions to some legislative acts of Kazakhstan on precious metals and precious stones", presented by Vice-Minister of Investment and Development of Kazakhstan Albert Rau, bnews.kz reports.

According to Rau, the necessity for a law development is due to the fact that today in Kazakhstan there is no specific legislation that defines general government policy in the sphere of precious metals and precious stones, which is a gap in national legislation and impedes the full protection of the strategic interests of Kazakhstan.

"It should also be noted that the domestic jewelry industry is at a low-level of development and it is a main practical problem and a prerequisite for the necessity of legislative regulation for precious metals and precious stones," A.Rau said.

At the present time in sales sphere of precious metals and gemstones the following key issues are noted: preferential raw materials export containing precious metals, along with domestic deficit; underutilization and capacity; import of precious metals, stones, including illegal imports (smuggling jewelry); lack of criminal and administrative responsibility for illegal circulation of precious metals (mining, priori, purchase, sale).