OREANDA-NEWS. January 06, 2016. Senate has adopted the Law "On Precious Metals and Precious Stones" in plenary session.

"Under the bill, a person with intent to produce export from Kazakhstan of raw materials containing precious metals is obliged in the established order to obtain confirmation of the possibility of processing at domestic enterprises or rejection of these domestic companies, in case of failure," Kazakh Minister of Investment and Development Asset Issekeshev said, presenting the bill.

The Minister also said that the bill contains a provision on the priority right of the state in the person of the National Bank for the purchase of refined gold from domestic subsoil users, who carry out processing on the territory of Kazakhstan to replenish the assets of precious metals. Further, the owner-importer’s responsibility to sell in a priority order for the National Bank of refined gold is introduced to ensure the return of refined gold to Kazakhstan, which is produced in other countries of raw materials mined in Kazakhstan. Investment gold is exempt from VAT by deleting the existing weight limit of 32 troy ounces.

In addition, as it was noted by A. Issekeshev, the bill governs the realization of jewelry and other items made of precious metals and precious stones. It provides for obligatory testing and marking of jewelry and other items.

Senators also considered in the first reading and approved the related amendments to the legislation.