Gold prices in the Syrian local market recorded a slight increase during today's trading on Wednesday, in conjunction with the issuance of a package of strict regulatory circulars aimed at controlling the profession and protecting the rights of citizens from manipulation or electronic fraud.
An increase of 50 lira
The General Authority for Precious Metals Management announced in its bulletin issued today, Wednesday, that the price of a gram of 21-carat gold increased by 50 Syrian pounds compared to yesterday's prices on Tuesday, and the prices were as follows:
21 carat: 17650 LBP (sold) – 17350 LBP (buy).
18K carat: 15150 LBP (sold) – 14850 LBP (buy).
The price of an ounce in the global market today stabilized at the level of 4694 US dollars.
Banning electronic sales and activating "licensed shops"
In a broad regulatory step, the General Authority for Precious Metals Management issued a circular to permanently prohibit the sale of gold jewelry through social media, and to limit all sales and purchases within duly licensed shops.
The Authority stressed the need to issue approved statutory invoices that include all details of the piece (weight, caliber, drafting fees, and the customer's name), warning violators of strict legal prosecutions.
"Used Gold" Controls and Wages
In a second circular issued by the Authority, it included a set of professional rules binding on goldsmiths, most notably, prohibiting the sale of gold above or below the specified official price , holding the goldsmith fully responsible for the carats of gold in its place, and prohibiting the sale of used gold as new.
The circular also specified that the fees for the forging of used gold should not exceed half of the wages of new pieces of the same type, while prohibiting the use of low-caliber locks, and mandatory to match the lock to the caliber of the gold piece.
Logistical and Regulatory Conditions
The authority imposed on shop owners not to publish prices or offers on social platforms, and also banned the circulation of foreign gold that is not marked with the Syrian stamp.
She stressed that any shop that does not have the basic logistical requirements (such as specialized scales, storage, and surveillance cameras) will be considered a violation of the regulations in force, in order to ensure the highest levels of control and transparency in the Syrian precious metals sector.