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The weekly Cabinet meeting on September 16 was chaired by Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani. Following the session, Minister of Justice and Minister of State for Cabinet Affairs Ibrahim bin Ali Al Mohannadi announced approval of the draft law on precious metals and gemstones. The legislation, developed by the Ministry of Commerce and Industry in coordination with the Qatar General Organization for Standards and Metrology, has been referred to the Shura Council to begin the formal review process. This action continues Qatar’s pattern of updating commercial regulations to match contemporary requirements.
The draft measure is set to replace Law No. 4 of 1978 on the control, inspection and hallmarking of precious metals, according to the briefing provided by Al Mohannadi. It introduces comprehensive provisions governing activities related to precious metals and gemstones while expanding the supervisory authority of the standards organization. Such revisions seek to harmonize Qatar’s rules with prevailing international benchmarks and market dynamics, the minister’s statement indicated. The framework further prioritizes measures to verify product quality and safeguard participants in the trade.
A Gulf Times report estimated the annual value of Qatar’s jewellery and gold retail market at around QR1.2 billion. Gold jewellery accounts for approximately 41 percent of that total, driven by cultural traditions, demographic diversity and tax-free retail conditions that sustain demand, the publication reported. Retail activity in souqs has remained resilient despite international price fluctuations, with customers frequently requesting both standard and bespoke designs from local workshops.
Trade data compiled by Trendeconomy showed Qatar imported jewellery and related articles of precious metal valued at $637 million in 2023. The same dataset recorded exports of comparable items reaching $154 million during the period. These transactions highlight the sector’s contribution to the domestic luxury economy as authorities pursue broader economic diversification objectives.
IndexBox market analysis placed the GCC jewellery market at $7.2 billion in 2024, projecting expansion to $9.6 billion by 2035 amid demand for higher-value items. Qatar’s per capita jewellery consumption stood at 14 kilograms per 1,000 persons that year, according to the research firm. The draft law’s provisions are expected to reinforce oversight in a manner that supports sustained sector development once enacted following Shura Council deliberations.
