Omani ministry reminds precious metals traders of payment rules

Muscat: The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has reminded businesses dealing in precious metals and valuable stones that transactions valued at OMR 5,000 or more must be paid through approved payment methods.

Under Ministerial Decision No. 2023/425, such payments must be made through approved channels, including electronic payment methods, cheques or bank transfers.

The ministry urged businesses operating in the sector to comply with the regulations, noting that the use of approved payment methods helps ensure regulatory compliance and protects businesses from potential violations.

Violations may attract administrative penalties, including a warning, an administrative fine of at least OMR 500, or suspension of the business or company’s activities for a period of up to three months.

MOCIIP called on all businesses engaged in the sale and purchase of precious metals and valuable stones to adhere to the approved payment channels and comply with the provisions of the decision.