LAW OF THE AZERBAIJAN REPUBLIC

of June 10, 2005 No. 924-IIQ

About precious metals and gemstones

This law governs the relations connected with production, processing, use and the address of precious metals and gemstones.

Chapter I. General provisions

Article 1. The basic concepts used in this Law

1.1. In this Law the following basic concepts are used:

1.1.1. precious metals - gold, silver, platinum and metals of platinum group (palladium, iridium, osmium, rhodium and ruthenium) which are in any kind and condition, including in native and affined (in enriched, cleared) type, and also in raw materials, alloys, semifinished products, industrial products, chemical compounds, jewelry and other household products, coins, scrap, production wastes and consumption;

1.1.2. gemstones - the processed and rough natural diamonds, emeralds, rubies, sapphires and alexandrite;

1.1.3. products from precious metals and gemstones - the art and esthetic jewelry and other household products used for the household purposes with decorating from precious metals and their alloys with non-ferrous metals, gemstones decorated or which are not decorated with specially processed gemstones or semiprecious stones;

1.1.4. scrap and waste of precious metals and gemstones - the parts of precious metals and gemstones which are broken off from the main part as a result of physical, chemical, mechanical or other impact and which, as a rule, cannot be used for their primary designated purpose;

1.1.5. bank metals - nuggets (standard and measuring ingots) the precious metals purified (affined) to international standards of high test and having the quality certificate, coins from precious metals released by the Azerbaijan Republic and other states and which can be on sale at the price other than nominal value;

1.1.6. sorting and primary classification of gemstones - stage of process of allocation of the extracted mineral raw material of gemstones based on the approved collections of samples and qualifiers, and also stage of process of their enrichment providing their separation into the grades accepted in the world market;

1.1.7. refining of precious metals - process of purification of the extracted precious metals of impurity and the accompanying components, bringing precious metals to the quality conforming to state standards of the Azerbaijan Republic, specifications and international standards;

1.1.8. recovery of gemstones - extraction of gemstones from fulfilled or taken out of service for certain reasons of the equipment, tools and other products of technical appointment, and also from the waste containing gemstones with the subsequent bringing (cleaning) to the quality corresponding to specifications or the qualifier of diamonds;

1.1.9. it is excluded

1.1.10. test - the state standard determining the value of alloy of which the product is made, and confirming amount of precious metal in thousand weight unit.

1.2. Lists of the precious metals and gemstones specified in articles 1.1.1 and 1.1.2 of this Law can be changed only by the Law of the Azerbaijan Republic.

1.3. The legal entities and individual entrepreneurs performing transactions with the precious metals and gemstones included in the register constituted according to Article

1.1.9 this Law, do not pay any fees in connection with inclusion them to the register.

Article 2. Legislation on precious metals and gemstones

The legislation on precious metals and gemstones includes the Constitution of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About subsoil", this Law, other regulatory legal acts of the Azerbaijan Republic and international treaties recognized by the Azerbaijan Republic.

Article 3. Transactions with precious metals and gemstones

3.0. Transactions with precious metals and gemstones the following:

3.0.1. the actions connected with transition of the property right and property right to precious metals and gemstones (the address of precious metals and gemstones);

3.0.2. change of physical condition and content of precious metals and gemstones in case of production, production, the subsequent conversion, repeated processing and use in any kind;

3.0.3. movement of precious metals and gemstones, products made of them including their transportation to storage locations, funds and inventories, and also their demonstration at exhibitions and protection;

3.0.4. import to the territory of the Azerbaijan Republic or export from the country of precious metals and gemstones, products (products) made of them for commercial purposes.

Article 4. Property right to precious metals and gemstones

4.1. The subsurface areas containing precious metals and gemstones are exclusive property of the state, right of possession, uses and orders which belongs to the Azerbaijan Republic.

4.2. According to the Constitution of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About subsoil", this Law, and other regulatory legal acts of the Azerbaijan Republic, with the international treaties recognized by the Azerbaijan Republic, the Azerbaijan Republic has the sovereign rights to subsurface areas in the sector of the Caspian Sea (lake) belonging to it where there are precious metals and gemstones, and performs the related jurisdiction.

4.3. Consumers of precious metals and gemstones based on the Law of the Azerbaijan Republic "About subsoil" can use the subsoil containing precious metals and gemstones based on the special permission (license) issued by relevant organ of the executive authority according to this Law.

4.4. If in the international treaties recognized by the Azerbaijan Republic, in other agreements, and also in special permissions (licenses) issued according to the procedure, established by the legislation, other cases, precious metals and gemstones extracted from subsoil, other products and the income which is legally received in case of their production are not provided belong to subjects of precious metals mining and gemstones.

4.5. In case of realization of the precious metals and gemstones extracted from subsoil, the precious metals affined according to the standard, and also the recuperated gemstones in the sorted type, the subjects extracting and making them shall offer them to first of all relevant organ of the executive authority for replenishment of gold stock of the Azerbaijan Republic according to the procedure, established by the legislation. In case of making of sale above-stated precious metals and gemstones, payment is performed taking into account world and interstate market prices of precious metals and gemstones.

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