Transaction of Precious Minerals Proclamation No.651 of 2009

This Proclamation is made to govern the conduct of all transactions of precious minerals within the country. The Proclamation also provides that no person shall carry out the transaction of precious minerals unless the person is registered in the appropriate government office and holds a valid license or certificate. The Proclamation provides for the different kinds of licenses and certificates required for transaction in precious minerals. The procedure for the application, grant, transfer, renewal or cancellation of licenses and certificates are provided for exhaustively. When granted a license, the licensee has the following responsibilities: a) maintain books and records regarding precious minerals purchased, deposited, processed, sold or exported; b) report all transactions carried out to the licensing authority within 30 days from the end of each budget year; c) comply with all operational, safety and health standards set forth by the Ministry or other appropriate government authorities; d) may not hoard precious minerals more than permitted by directive. Similarly, holders of a certificate are to observe certain specific obligations as well. Licenses and certificates also cover the exportation of precious minerals.