Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
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."

Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.