Shenzhen Gold and Jewelry Industry Association Issues Initiative on Standardizing Operational Practices in the Gold Industry

Everyday Economic News AI Express, on March 18, the Shenzhen Gold and Jewelry Industry Association issued a proposal to standardize business practices in the gold industry. The proposal states that all gold and jewelry companies must organize staff to thoroughly study and strictly comply with the “Public Reminder on Further Standardizing Gold Market Business Practices,” ensuring that business activities are legal and compliant, including strictly prohibiting illegal gold transactions without physical delivery; prohibiting illegal fundraising under the guise of gold business; and prohibiting inducement of entrusted gold investments. Additionally, gold and jewelry companies should strengthen self-regulation, implement risk-based preventive measures, and prevent illegal criminal cases. In February this year, the People’s Bank of China Shenzhen Branch and several other departments jointly issued a public reminder to further regulate gold market business practices, clarifying prohibited behaviors for enterprises, individuals, financial institutions, and non-bank payment institutions.