MoCI forms price-monitoring panel, greenlights gold expo

The committee is chaired by the undersecretary of the ministry and includes representatives from several government agencies and the commercial and cooperative sectors. It is in charge of studying supply and demand conditions, analyzing economic and c o m m e r c i a l factors affecting price stability, monitoring local inflation indicators, analyzing their causes and impact on markets and consumers, monitoring the efficiency of supply chains, identifying disruptions that may affect the flow and availability of goods in the local market, proposing policies and procedures to enhance market efficiency and support fair competition in accordance with the provisions of the Competition Protection Authority Law, and proposing measures to address harmful trade practices, including dumping, as stipulated by the relevant legislation.

The decree grants the committee the authority to approve and adjust commodity prices in cooperative societies, review applications for the introduction of new products, and develop a pricing mechanism based on clear, consistent, measurable and monitorable criteria, thus, contributing to market stability and transparency. It mandates the committee submit periodic reports to the minister containing comprehensive analyses of price developments, inflation indicators, and supply chain conditions. These reports will be accompanied by recommendations and proposed regulatory measures to address market imbalances and mitigate the effects of inflation.

The committee is also authorized to form specialized subcommittees to conduct the necessary technical studies and analyses within its scope of work. On the other hand, Ministerial Decree No. 44/2026 states that the ministry approved the organization of the 25th International Gold and Jewelry Exhibition at the International Fairgrounds in Mishref, specifying morning and evening opening hours to accommodate visitors throughout the exhibition. It regulates the mechanisms for displaying and selling precious metals, and permits the display of unstamped items at the temporary customs warehouse, provided that customs fees are paid and the pieces are stamped according to legal procedures before sale and delivery to buyers.

The decision obligates exhibitors to attach detailed data cards for each displayed item, along with photographs of pieces of high artistic value, and to document their serial numbers and specifications in the lists approved by the Precious Metals Department at the ministry. The ministry requires the submission of detailed list of exhibition participants at least one week prior to its opening, in compliance with the regulations and decisions governing trade fairs. Direct sales to the public are permitted, provided that no item is delivered before the completion of the stamping procedures and payment of the prescribed fees. The participating entities are obligated to re-export unsold items within seven days of the conclusion of the exhibition, under the supervision of the relevant authorities.