AML Compliance for Jewellers - Elevate Accounting & Auditing

AML Compliance for Jewellers

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AML Compliance for Jewellers in UAE

The gold and diamond industry in the UAE is prosperous, but with great success comes compliance with the regulations of AML. The sector has strict anti-money laundering regulations that businesses must follow. Failure to comply can lead to heavy fines, reputational damage, and even legal consequences. It’s the reason why understanding and implementing AML Compliance for Jewellers in UAE is not just important – it’s essential.
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Key AML Compliance Requirements for Gold & Diamond Businesses

To stay compliant with UAE gold industry AML rules, jewellery businesses must focus on these key areas:

Before conducting any transaction, businesses must perform thorough customer due diligence. This means verifying customer identities, understanding the nature of their transactions, and identifying the Ultimate Beneficial Ownership (UBO) UAE to prevent money laundering risks.

Jewellery businesses must monitor financial transactions and report any activity that appears unusual or suspicious. Under UAE FIU reporting requirements, businesses are required to submit Suspicious Transaction Reports (STRs) to the UAE Financial Intelligence Unit (FIU) when they detect any potential illegal activities.

For businesses operating in the Dubai Multi Commodities Centre (DMCC), specific compliance measures apply. DMCC AML guidelines for jewellers emphasize risk assessment, internal controls, and continuous monitoring of transactions.

To keep up with evolving anti-money laundering regulations UAE, jewellery businesses must educate their employees about AML policies and procedures. Regular training sessions help employees recognize suspicious transactions.

Jewellery businesses must securely store customer data, transaction histories, and due diligence records for at least five years.

Who is Required to Comply with AML Laws?

Under anti-money laundering regulations UAE, any dealer in precious metals and stones (PMS) handling a single cash transaction or linked transactions totalling AED 55,000 or more is classified as a Designated Non-Financial Business and Profession (DNFBP).

For compliance purposes, Precious Metals and Stones (PMS) include:

  • Gold: Minimum purity: 500 parts per 1,000
  • Silver: Minimum purity: 800 parts per 1,000
  • Platinum: Minimum purity: 850 parts per 1,000
  • Palladium: Minimum purity: 500 parts per 1,000
  • Diamonds (rough): Any weight in carats
  • Diamonds (polished): Minimum 0.3 carats per stone (loose) / 0.5 carats per stone (mounted)
  • Coloured Gemstones (Emeralds, Rubies, Sapphires): Minimum 1 carat per stone (loose) / 2 carats per stone (mounted)
  • Loose pearls: Minimum diameter of 3mm per bead
  • Strung/mounted pearls: Minimum diameter of 10mm per bead
  • Any object with at least 50% monetary value in PMS.
  • High-value industrial metals: Wolframite, cassiterite, coltan, cobalt, platinoid metals (e.g., rhodium).
  • Semi-precious gemstones: Amethysts, opals, jade.
  • Synthetic, treated, or artificial gemstones.
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What Happens If You Don’t Comply?

Ignoring AML compliance requirements for gold & diamond businesses can lead to serious trouble. Here’s what non-compliant businesses risk:
  • Fines – Heavy penalties that can reach millions of dirhams.
  • Business Suspension – Licenses can be revoked or temporarily suspended.
  • Legal Consequences – Owners and stakeholders may face legal action.
  • Reputation Damage – Loss of trust from customers and financial institutions.

How Elevate Keeps Jewellery Businesses AML-Compliant

  • FIU Registration & Reporting: We handle your UAE FIU registration and ensure timely STR/SAR filings.
  • KYC & UBO Checks: Full verification of customers and ownership to meet UAE AML rules.
  • DMCC/Free Zone Compliance: Tailored guidance for DMCC and UAE free zone requirements.
  • Staff AML Training: Regular workshops on UAE regulations.
  • Transaction Monitoring: Real-time tracking to detect and report suspicious activity.
  • Audit-Ready Records : Organized documentation for all transactions and due diligence.

Protect Your Jewellery Business with Expert AML Guidance

With increasing global scrutiny on financial crimes, AML Compliance for Jewellers in UAE is not just a legal requirement – it’s a necessity for maintaining a trustworthy and successful operation. By following UAE gold industry AML rules, jewellery businesses can safeguard their reputation, attract legitimate investors, and contribute to a transparent financial ecosystem.
For expert assistance in navigating AML compliance requirements for gold & diamond businesses, get in touch with Elevate Accounting & Auditing today. Let’s work together to keep your business compliant and secure in the ever-evolving UAE gold and diamond market.

Frequently Asked Questions

All gold and diamond traders, jewellers, wholesalers, and related businesses must follow anti-money laundering regulations UAE to prevent financial crimes.
Jewellery businesses must follow AML compliance requirements for gold & diamond businesses, including customer due diligence (KYC), Ultimate Beneficial Ownership (UBO) UAE verification, suspicious transaction reporting, and proper record-keeping.
Under UAE FIU reporting requirements, businesses must submit Suspicious Transaction Reports (STRs) through the Financial Intelligence Unit (FIU) online portal.
Non-compliance with UAE gold industry AML rules can result in heavy fines, business license suspension, and legal action.

Elevate provides expert guidance on AML compliance for Jewellers UAE, including risk assessment, policy development, regulatory filings, and training to keep businesses compliant and protected.

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