Syrian Minister of Economy and Industry, Nidal al-Shaar, issued a package of new decisions aimed at restructuring and regulating the precious metals sector in the country, authorizing the “General Authority for the Management of Precious Metals” with broad powers that include withdrawing the licenses of shops proven to be involved in buying stolen gold, in addition to forming a special judicial police force for goldsmiths to control violations.
Details of the new decisions
The first decision included a direct mandate for the General Authority for Precious Metals Management to take strict punitive measures, most notably the immediate revocation of licenses from shops dealing in stolen gold, as well as workshops that do not adhere to the approved technical standards for hallmarks, and street vendors who promote substandard goods. This decision aims to strengthen the legal and administrative frameworks and prevent the circulation of illicit jewelry.
Creating a special police force for goldsmiths
The second decision stipulated the creation of a "Special Goldsmiths' Police Force," administratively subordinate to the Authority, tasked with field duties including conducting surprise and periodic inspections of markets. The force's responsibilities include taking random samples from the market for analysis to ensure conformity of gold purity to Syrian standards, monitoring sales and purchase invoices to verify their accuracy and compliance with the official pricing issued by the Goldsmiths' Guild, and overseeing the implementation of security and administrative directives.
The economic context and the importance of gold in Syria
These decisions are of exceptional importance given the current economic circumstances in Syria, where gold is considered the primary "safe haven" for citizens to preserve the value of their savings against inflation and the fluctuating exchange rate of the Syrian pound. The local market has long suffered from imbalances related to manipulation of gold purity or price discrepancies between the official and black market rates, making government intervention to regulate these standards an urgent necessity to protect consumers and the national economy.
Combating crime and building trust
From a security and social perspective, tightening controls on stolen gold is a strategic step to curb theft. Cutting off the flow of stolen goods through jewelry shops reduces the incentive for criminals. These measures also aim to bolster confidence in the Syrian market, both for local investors and expatriates wishing to purchase gold from their homeland, thus restoring Syrian gold's renowned reputation for quality and precision.
The new regulatory body consists of specialized technical personnel with expertise in detecting tampering. They are authorized to issue warnings, document seizures, and destroy counterfeit items in coordination with relevant authorities. It is worth noting that the General Authority for Precious Metals Management was established in February 2025 as an independent institutional body with financial and administrative autonomy to develop this vital sector.
