KUWAIT CITY, Sep 30: The Ministry of Commerce and Industry announced that its Precious Metals Department labeled a total of 59,391 tons of precious metals and related products during the first seven months of 2025, with fees collected amounting to approximately 1.753 million Kuwaiti dinars.

According to official data, the tagged items included:

The volume of metals stamped by the Gold Department varied significantly during the seven months. In January, 3.22 tons were tagged, followed by 3.17 tons in February and 5.57 tons in March. Activity peaked in April with 26.58 tons, before falling to 12.79 tons in May, 3.92 tons in June, and 4.09 tons in July.

Out of 19 categories of precious metals and related products, silver accounted for the largest share, with 32,485 tons stamped, generating fees of 324,920 dinars.

The Ministry reported that a total of 1.04 tons of watches were stamped, including:

In addition, around 15,260 plated accessories were labeled, with fees totaling 1,526 dinars, while 8.634 million gemstone rosaries were marked, generating 4,317 dinars in fees.

The Precious Metals Department emphasized that it follows strict procedures when uncovering unmarked gold in shops. An inspection team is dispatched to verify the authenticity of items. If unstamped or unsealed gold is found, it is confiscated, and the case is referred to the Commercial Affairs and Prosecution Office.

In cases of counterfeit metals—such as fake gold jewelry, copper-infused items, or fraudulent designs—samples are tested by cutting to confirm content before legal action is taken against offenders.

The Ministry highlighted the importance of the new official stamp, introduced under Resolution No. 114 of 2021, which has strengthened market regulation and enhanced consumer confidence. It explained that changing stamps periodically is a standard international practice to safeguard markets from fraud.

Another significant reform is the Ministry’s ban on cash transactions in the precious metals sector, a move credited with reducing risks associated with unregulated financial activity.

Meanwhile, gold prices in the local market rose by 0.76% yesterday. The price of a gram of 24-karat gold increased to 36.885 dinars, up from 36.605 dinars the previous day.

The Ministry stated that these measures, coupled with strict enforcement, are part of ongoing efforts to ensure transparency, protect consumers, and maintain the integrity of Kuwait’s precious metals market.