{"id":5225,"date":"2016-09-14T16:06:35","date_gmt":"2016-09-14T12:06:35","guid":{"rendered":"http:\/\/www.armenianlaw.com\/?p=5225"},"modified":"2018-02-25T18:01:43","modified_gmt":"2018-02-25T14:01:43","slug":"on-some-aspects-of-regulation-in-the-field-of-precious-metals-and-foreign-economic-activity-in-the-republic-of-armenia","status":"publish","type":"post","link":"https:\/\/www.armenianlaw.com\/en\/on-some-aspects-of-regulation-in-the-field-of-precious-metals-and-foreign-economic-activity-in-the-republic-of-armenia\/","title":{"rendered":"Regulation in the Field of Precious Metals in the RA"},"content":{"rendered":"

The turnover of precious metals in the Republic of Armenia is regulated by the Civil Code of the RA, the Law \u201cOn precious metals\u201d, \u201cOn licensing\u201d, \u201cOn trade and services\u201d, acts of the Government and so on.\u00a0Civil Code of the RA establishes that the object of a civil law is a property, particularly monetary assets, stocks and property rights. In accordance with Civil Code, types of property recognized as precious metals and the order of making an agreement with them is established by the Law \u201cOn precious metals\u201d and other legal acts.\u00a0In accordance with Article 2 of the Law of the RA \u201cOn precious metals\u201d, the precious metals are gold, silver, platinum and platinum-group metals (palladium, iridium, rhodium, ruthenium, osmium) not deemed to be articles of precious metals, in any form and state (nugget, refined, bullion, ores, alloy, preparations, semi-product, chemical compound, coin, scrap, waste, and others).<\/span><\/p>\n

In accordance with the same law, specialized, including retail trade in precious metals and articles of precious metals may be conducted solely in case these articles bear in the manner prescribed by law, a hallmark and assay office mark, with the exception mentioned in Law.<\/span><\/p>\n

Preparations subject to further processing and all those unfinished articles which will further be supplemented by parts of precious metals and other parts, as well as leaves of precious metals, castings, waste, and scrap shall not be subject to mandatory hallmarking. The Government of the Republic of Armenia establishes a special order of issuing hallmark and the standard mark of scrap and preparations when conducting retail trade.<\/span><\/p>\n

Forms of activity subject to licensing are established by the Law \u201cOn licensing\u201d. The law says that there is no need to obtain a license for conducting commercial activity in respect of precious metals. Obligatory licensing is only established for persons carrying out hallmarking and assaying articles of precious metals. So, any commercial organization may carry out operations in respect of precious metals (in the sense of the Law \u201cOn precious metals\u201d). But exportation of some precious metals from the customs territory of the Republic of Armenia is carried out on the grounds of single and general license. In accordance with the Government Decree \u2116 83-N from 30th<\/sup> January of 2015, the state body which issues such licenses is the Ministry of Economic of the RA.<\/span><\/p>\n

Persons conducting such an activity must be registered in the State Register of Individual Entrepreneurs and Legal Entities importing or exporting precious goods. That Register is kept by the Ministry of Economics of the RA.\u00a0The stated decree establishes the lists of precious metals which is to be exported on the grounds of general license or single license. Some type of precious metals are exported without any license. In order to acquire a license in the Republic of Armenia you have to:<\/span><\/p>\n