Precious metals and stones in Romania
Everyone appreciates items made from precious metals and stones – diamonds and rubies. In Romania, the business of operations with precious metals and stones can be carried out by anybody authorized by the National Authority for Consumer…
Everyone appreciates items made from precious metals and stones – diamonds and rubies. In Romania, the business of operations with precious metals and stones can be carried out by anybody authorized by the National Authority for Consumer Protection as provided by GEO no. 190/2000 which refers to the regime of dealing with precious metals and precious stones.
The operations relating to precious metals and stones for which authorization is required include the production and processing, sale and purchase, importing and exporting, and the provision of services relating to precious metals and stones. Persons authorized to carry out these operations have the obligation to ensure they keep strict records of these operations.
The authorization is obtained from the National Authority for Consumer Protection who within 30 days from the date of submission of an application accompanied by the necessary documentation have to give the right to carry out operations with precious metals and stones or reject the application.
Obtaining the authorization does not require the payment of any fees and is issued for an indefinite period. However, it must be endorsed (renewed) annually by the National Authority for Consumer Protection.
If a company or person from the European Union, the European Economic Area, and Turkey is registered with the competent authority of their own country they are not subject to authorization by the National Authority for Consumer Protection. However, they must notify the National Authority for Consumer Protection, prior to the commencement of carrying out operations with precious metals and stones in Romania, including cases of distance contracts and off-premises contracts.
In order for someone to deal in precious metals only those that have the Title Mark (applied by the manufacturer), the Responsibility Mark (applied by the economic operator), and the State Mark (applied by the National Authority for Consumer Protection) can be placed on the market and sold.
As an exception precious metal objects on which these marks cannot be applied may be placed on the market if they have the state mark or are accompanied by a test certificate issued by the National Authority for Consumer Protection. Further, certain objects made of precious metals such as gold objects weighing up to one gram, silver objects weighing up to two gram, coins, medals, or ingots of precious metals are exempted from marking.
The Title Mark is different depending on the purity of the precious metal and is applied to precious metal objects by the manufacturer. It is expressed in Arabic numerals. For example, in Romania, there are ten legal titles for gold, and there are six legal titles for silver.
Further, objects made of precious metals that have applied a Title Mark according to the legislation of another Member State of the European Union, the European Economic Area and Turkey, may be traded if they have been applied by a competent authority of that state and are an equivalent mark to the Romanian mark. The indications must contain equivalent and intelligible information for consumers in Romania.
