Precious stones, metals and products (PSMs) are defined as:
• Precious stones (natural or otherwise) include diamonds, sapphires, rubies, emeralds, jade (including nephrite and jadeite), and pearls;
• Precious metals include gold, silver, platinum, iridium, osmium, palladium, rhodium, ruthenium, or an alloy with at least 2% of weight in any of the aforementioned metals; and
• Precious products refer to any finished product (e.g. jewellery, watch, apparel, accessory or ornament) that satisfies either of the following:
(a) derives 50% or more of its value from any precious stone and/or precious metal making up, contained in, or attached to that product; or
(b) is above the net price of S$20,000.
For part (a) above, an item is considered a "precious product" if at least 50% of its transacted net price is due to the precious stone or precious metal (or both) making up, contained in or attached to the product.
The net price refers to the list price of the precious product sold by the regulated dealer:
i. Including any tax charged on the sale of the precious product, and any fee or charge imposed by the regulated dealer in connection with the sale of the precious product.
ii. Deducting any discount or rebate which the regulated dealer proposes to give to the customer in connection with the sale of the precious product.
The following are not considered to be discounts or rebates:
(a) Amount due to the customer in respect of the sale of any other goods by the customer to the regulated dealer (e.g. from trade-ins);
(b) Amount deposited by the customer with the regulated dealer in respect of the sale or otherwise (e.g. from store credits); and
(c) Amount paid using voucher(s) issued by the regulated dealer or third parties (e.g. from mall vouchers that can be used at various shops in the mall).
The following classes of products are not precious products:
(a) Any machinery, tool or equipment used for industrial purposes;
(b) Any medical device within the meaning given by item 1 of the First Schedule to the Health Products Act.