Today, the Central Bank of Syria issued a decision containing the executive instructions for Law No. 34 of 2023, which allowed Syrians, resident foreigners, and non-resident natural or legal persons to bring in raw gold bullion, and obligated the non-resident foreigner entering raw gold to take out gold manufactured in Syria of 18 or 21 carats. The same weight as the gold that was entered.

According to the decision published by the Central Bank on its channel via Telegram, the Craftsmanship and Jewelry Industry Association must send a written request to the Central Bank to obtain approval to produce these jewelry before the end of the sixty-day period allowed for their release, after ensuring that the quantity of the jewelry is of 18 or 21 carats. Exclusively, it weighs the same as the raw gold entered, so that the difference between the amount of actual gold resulting from the difference in the karat of the gold entered, 24 karat, and the karat of manufactured gold, 18 or 21 karat, is the goldsmith’s fees and ensuring that the worked gold to be taken out is not studded with precious stones or diamonds.

The decision stipulated the need for the association, after obtaining the required approval, to commit to packing these jewelry in a ziplock bag, sealing it with liquid lead, and handing it over to the foreigner bringing in the raw gold, so that he in turn can take it, accompanied by the representative of the Craftsman Goldsmithing Association, to the customs secretariat from which he will depart to complete the process of removing the gold jewelry.

According to the decision, the aforementioned association is obligated to inform the Central Bank in the event that the period exceeds sixty days from the date of granting the entry of raw gold entry document issued by customs without the manufactured gold being taken out to carry out its legal procedures, as the association must hand over to the Central Bank the gold jewelry or raw gold bullion according to a formal receipt report so that This quantity of central gold is deposited in a special account called the gold deposits account entered in accordance with the provisions of Law No. (34) of 2023 until the settlement is made by the gold entry and the fine stipulated in Article No. 7 of Law No. 34 of 2023 is paid.

The Central Bank indicated that those wishing to view the full details of the aforementioned executive instructions can visit the website, its official page on Facebook, or its channel via Telegram.

Tariq Al-Sayed

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