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Sunday, Jun 23, 2024

Registration Regime for Dealers in Precious Metals and Stanes - Industry Representative Feature (6)

Registration Regime for Dealers in Precious Metals and Stanes - Industry Representative Feature (6)

Implementation of Registration Regime for Dealers in Precious Metals and Stones to consolidate Hong Kong's World-Class Jewellery Industry Position
Hong Kong has always been acknowledged as an international hub for free trade. Hong Kong jewellery industry has been leveraging its advantages to secure the city as a major center for jewellery manufacturing, trade, and exhibitions. The Hong Kong International Jewellery Show is particularly renowned and is known as one of the three largest jewellery exhibitions in the world. To further enhance the anti-money laundering capability of the jewellery industry, the Hong Kong government recently established a registration regime for dealers in precious metals and stones through amending the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615). The new regime has been implemented since 1 April 2023.

Mr. Kent Wong Siu Kee, a member of the Hong Kong International Jewellery Show Organizing Committee of the Hong Kong Trade Development Council, expressed that the jewellery industry supported the implementation of the registration regime. "Hong Kong is among the world's leaders in jewellery imports and exports as well as retail. Moreover, the wholesale and design of diamonds are particularly well-known in the international arena. Implementation of the registration regime is vital since it provides greater confidence to both the buyers and sellers, thereby playing a crucial role in maintaining the industry's stability and sustainable development."

Mr. Wong pointed out that the Hong Kong International Jewellery Show, as one of the three largest jewellery exhibitions in the world, is widely recognized in the industry. He believed that the show’s outstanding achievements and reputation are founded on the excellent complementary infrastructure. "Hong Kong's import and export as well as logistics services have always been very efficient. With the support of other businesses from various professional sectors, such as law, accounting, and technology, jewellery trade in Hong Kong is able to develop healthily and rapidly." Mr. Wong also added that half of the exhibitors were from overseas. Implementation of the registration regime will enhance the confidence of overseas dealers in trading with local jewellery merchants. With clear guidelines to follow, the requirement for overseas traders to report transactions involving substantial amount of cash will help the development of the jewellery market in Hong Kong.

Nonetheless, the new regulatory regime treats both local and overseas traders equally. Although it would bring some changes to the operation of the industry, establishment of the regime helps Hong Kong keep up with the latest international standards. Mr. Wong stated that Hong Kong Customs had approached the jewellery industry to consult on the details of the regime two to three years ago. "The jewellery industry offered a great deal of opinions at that time. We were pleased to see that the Customs launched sufficient promotion and publicity programmes for both local and overseas traders and had cushioned the impact on the industry during implementation. Therefore, we believe that the regulatory regime will not very much affect the development of the industry. Instead, it helps reinforce Hong Kong’s status as an international financial centre."
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