AML Compliance for Jewellers
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AML Compliance for Jewellers in UAE


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:
Know Your Customer (KYC) and Ultimate Beneficial Ownership (UBO) UAE Regulations
Suspicious Transaction Reporting UAE
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.
DMCC AML Guidelines for Jewellers
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.
Ongoing Employee Training & Internal Controls
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.
Record-Keeping & Documentation
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:
Precious Metals
- 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
Precious Stones
- 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)
Pearls
- Loose pearls: Minimum diameter of 3mm per bead
- Strung/mounted pearls: Minimum diameter of 10mm per bead
Other Materials Subject to AML Rules
- 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.

What Happens If You Don’t Comply?
- 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 :Â Organized documentation for all transactions and due diligence.
Protect Your Jewellery Business with Expert AML Guidance
Frequently Asked Questions
Who needs to comply with AML regulations in the UAE gold and diamond industry?
What are the key AML compliance requirements for jewellers in the UAE?
How do I report suspicious transactions in the UAE?
What happens if my business fails to comply with AML laws?
How can Elevate Accounting & Auditing help with AML compliance?
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.