(Ecofin Agency) - The Algerian government, looking to introduce more clarity into the precious metals sector, adopted a decree which sets the terms and conditions to operate on gold, silver and raw platinum, semi-finished and finished, reports APS. The new system is an application of the indirect taxes law and also applies to the precious metals recovery and recycling activities, according to this source.

“Only juridical persons whose share capital during the set up of the company is equal at least to 200 million dinars will be authorised as importer of type of metals” explains the text recently published in the Algerian official journal no 36.

According to the measure, the import of products made of gold, silver and platinum will only pertain to luxury jewellery which custom-declared value is equal, at least, to 2.5 times the selling price applied on the internal market during the previous half-year.

The practice of this activity is under condition of adherence to the bill of specifications authorising the applicant for this activity. This brings about commitments which infringement would immediately lead to the withdrawal of the authorisation as well as the removal from the list of persons practicing any activity linked to jewellery.