BAKU, Azerbaijan, October 17 – In a significant move aimed at enhancing financial transparency and security, Azerbaijan has made crucial amendments to the “Precious Metals and Precious Stones” law. The revision, endorsed by President Ilham Aliyev, mandates that transactions involving gemstone jewelry exceeding 15,000 manat (approximately $8,823) must be conducted exclusively through cashless means, as reported by Trend.
The newly enacted amendment comes as a proactive measure to foster a more structured and secure environment for high-value transactions within the precious stones and metals industry.
As per the updated law, all transactions encompassing precious stones, precious metals, including gemstone jewelry, and cultural artifacts exceeding the specified threshold of 15,000 manat ($8,823) will be subject to cashless payment methods, in strict accordance with the “Law of the Republic of Azerbaijan on Cashless Settlements.”
This legislative change underscores Azerbaijan’s commitment to promoting financial integrity, traceability, and accountability within the precious metals and stones sector. By encouraging electronic payments for high-value gemstone jewelry, the government aims to mitigate the risks associated with cash transactions and, in turn, contribute to a more secure and efficient marketplace.
The move is expected to facilitate smoother, more transparent transactions while aligning with international best practices in the trade of precious stones and metals. It is anticipated to benefit consumers, businesses, and the government by reducing the potential for illegal activities and tax evasion.
Azerbaijan’s proactive approach in amending the “Precious Metals and Precious Stones” law reflects the nation’s dedication to fostering a responsible and well-regulated marketplace for precious commodities, enhancing its overall economic environment and ensuring the legitimacy of transactions within the sector.
