For subscribers
Some gem dealers yet to take a shine to proposed rules against unlawful transactions
But other retailers say stricter measures will safeguard against unlawful transactions in industry
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If the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill is passed, jewellery dealers will have to conduct risk assessments against money laundering and terrorism financing. They will also have to register with the Law Ministry and conduct audits.
ST FILE PHOTO
Customers shelling out more than $20,000 in cash for jewellery is not a common occurrence for goldsmiths along the Little India stretch.
And since such deals are hard to come by, some jewellery retailers fear that proposed new laws aimed at weeding out financial crime in the precious stones and metals sector could chase away customers.
