Bulgarian Economy Ministry Takes Control Over the Activities with Gold and Precious Stones

The registration regime and the control over the extraction, processing and transactions with precious metals and precious stones and the products from such materials will be transferred from the Ministry of Finance to the economic department. This includes changes to the Foreign Exchange Act, approved by the government on Wednesday.

They will affect not only the mining and processing companies in Bulgaria but also thousands of jewelers, goldsmiths and craftsmen who work with such materials, as well as pawnshops and even dental technicians.

The reason for the change is that the control of these activities was carried out by the financial institution as a remnant of the revoked law on foreign exchange transactions and foreign exchange controls, but the new economic circumstances and the development of this sector require changes. It has been established that the economic department will be responsible for the protection of consumer rights and is best placed to take over and control the activities with precious metals and jewels.

It is pointed out that the change will not affect the people working in the sector, but only the newcomers. Also, the affected persons will not have additional financial costs for the changed registration regime, the change will not affect the budget.

Changes in the Foreign Exchange Law also provide for the Ministry of Finance to confirm and issue certificates under the Kimberley Process certification scheme for the international trade in rough diamonds and to physically inspect the shipment / batch of rough diamonds.

From January 26, 2016, Bulgaria has been removed from the list of European Union bodies for the purposes of the Kimberley Process Certification Scheme (SSC) for international trade in rough...