Saudi Arabia: Great news for gold traders
Riyadh: The Saudi Chamber of Commerce and Industry has warned gold traders not to buy raw gold as gold is being extracted and sold illegally.
According to a report by a foreign news agency, the purchase of illegally extracted gold is banned in Saudi Arabia. In view of this, all laboratories, shops and factories have been warned not to buy raw gold. According to the report, Saudi Interior Minister Prince Abdulaziz bin Saud has banned the purchase of raw gold. The move is aimed at extracting and selling gold illegally. A report was submitted to the Home Minister that some locals were extracting gold and precious stones from the mines without a license.
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Such incidents were reported in different parts of the country after which the Home Minister took action to ban the purchase of raw gold and also formed a working committee.
Authorities have directed that vigilance be stepped up to ensure a ban on the purchase of crude gold and that violators be given appropriate penalties. You will need to get a license from the government to extract gold.