Kazakh Senate to consider draft law on precious metals and stones

According to the press service of the Senate, the document forms a common legislative framework regulating production and circulation of precious metals and stones. The draft law specifies the competence of the Government, the authorized body, the National Bank in transportation of precious metals and stones, raw materials containing precious metals, jewelry and other items made of precious metals and stones. The adopted rules are aimed at supporting the domestic jewelry industry and ensuring the highest possible processing of gold ores in Kazakhstan. The National Bank receives the priority right to acquire refined gold produced from domestic raw materials not only in Kazakhstan but abroad. Introduced rules for mandatory testing and marking of jewelry and other items made of precious metals and stones, are governed by rules relating to their implementation. In addition, the Senate in the first reading has discussed the bill "On amendments and additions to some legislative acts of the Republic of Kazakhstan on precious metals and precious stones." The bill provides for amendments and additions to the five legislative acts aimed at ensuring the legal norms of the draft law "On precious metals and precious stones". Moreover, the sitting changed certain provisions of the Entrepreneurial Code, the law "On permits and notifications" and "On the National Bank of the Republic of Kazakhstan."