What is an example of a "precious product" under the updated definition of "precious product" as of 1 May 2024?
As of 1 May 2024, the updated definition of precious product includes jewellery, watch, apparel, accessory, ornament or other finished product containing precious stones and/or precious metal, that is priced above the prescribed value of S$20,000.
An example of such a precious product is watch containing gold and has net sales price above S$20,000, even when the value of the gold in the watch is less than 50% of the net sales price.
Related questions
A customer trades-in jewellery/gold bar/s or any other precious stone and precious metal ("PSPM"). The total cash received from the customer, for payment, is below the threshold of S$20,000. Is there a need to file a Cash Transaction Report ("CTR")?
I am a wholesaler. Do I need to perform customer due diligence ("CDD") if I received payment in gold bar or scrap gold bar? Do I need to submit a Cash Transaction Report ("CTR") if the transaction involved payment in gold bar/scrap gold/gold jewellery?
As a precious stones and precious metals dealer, are there individuals and entities that I am prohibited from dealing with? Where can I find the relevant information / lists of such individuals and entities?
I am a foreign incorporated business/ company/ individual. Do I need to register (e.g. I am the supplier of precious stones and precious metals to a regulated dealer in Singapore. I do not carry out sales in Singapore)?
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