To enhance Hong Kong’s capability of combating money laundering and terrorist financing, the Government has introduced a regulatory regime for dealers in precious metals and stones. Starting from 1 April 2023, local dealers who carry out any transaction(s) with total value at or above HK$120,000 have to register with Hong Kong
Customs, and to fulfill their statutory obligations as appropriate. Non-Hong Kong dealers fulfilling the stated conditions are exempt from registration, but are required to report any cash transaction(s) with total value at or above HK$120,000 made in Hong Kong.
The Dealers in Precious Metals and Stones Supervision Bureau has been established to handle registration applications and conduct supervision on registrants. Meanwhile, promotional activities have been arranged for the industry to better understand the new regime and their responsibilities. One highlight was the participation of the Commissioner, Ms Louise Ho, in the Hong Kong International Jewellery Show on 3 March 2023. She attended a dialogue session with popular artiste Ms Janis Chan to introduce the regime in an interactive manner.
Hong Kong Customs will maintain close contact with the trade and encourage early registration through outreach campaign.
