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LAW OF THE REPUBLIC OF ARMENIA

of June 19, 2006 No. ZR-83

About precious metals

Accepted by National Assembly of the Republic of Armenia on May 23, 2006

Chapter 1. Basic provisions

Article 1. Subject of regulation of the Law

This Law regulates the legal basis of the address of precious metals, products from precious metals and the principles of state regulation, power of state bodies and other bodies in the sphere of the address of precious metals, products from precious metals.

Article 2. The basic concepts used in the Law

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

1) precious metals - gold, silver, platinum and metals of platinum group (palladium, iridium, rhodium, ruthenium and osmium). Precious metals can be in any condition, type, including in the native and affined type, and also in raw materials, alloys, semifinished products, industrial products, chemical compounds, jewelry and other products, coins, scrap and production wastes and consumption;

2) gemstones - natural diamond, emerald, ruby, sapphire and alexandrite, and also natural pearls in the raw (natural) and processed type, unique amber education. The materials of artificial origin having characteristics (properties) of gemstones are not gemstones;

3) product from precious metals - the products made of precious metals and their alloys and having tests is not lower than the minimum tests established by the Government of the Republic of Armenia, including made with use of different types of decorative processing, with inserts from gemstones, other materials of natural or artificial origin or without them, except for the coins which underwent issue and the state awards, or the products made of materials of natural or artificial origin with use of different types of decorative processing with inserts from gemstones;

4) production of product from precious metals - process of production of product of precious metals;

5) refining of precious metals - process of purification of the extracted precious metals of impurity and the related chemical elements, bringing content of precious metals to the characteristics conforming to requirements of interstate standards and (or) the state (national) standards of the Republic of Armenia and (or) the technical standards and/or international standards of quality accepted by members of the London association of precious metals (LBMA) and the London exchange of platinum and palladium (LPPM) existing in the territory of the Republic of Armenia;

6) retail trade of precious metals, products from precious metals according to rules of the public agreement the seller - realization of precious metals, products from the precious metals intended for personal, family, home or other use;

7) bank gold - the gold determined by the Law of the Republic of Armenia "About currency control and currency exchange control";

8) the standardized ingot - the ingot from precious metal of any size and the corresponding test provided by this Law made in the affinaging organization;

9) test - quantity of mass fractions of chemically net precious metal on one thousand mass fractions of alloy of precious metal;

10) approbation - determination or confirmation of test of jewelry and other products from precious metals;

11) brand - sign of the sample established by the legislation of the Republic of Armenia which is put down on products from precious metals and which certifies test of the precious metal containing in these objects;

12) branding - statement of print of brand on jewelry and other products from precious metals;

13) logo (distinctive mark) - the stamp specifying the one who carries out approbation and branding of products from precious metals;

14) mark - sign of the producer which print is put on the products made of precious metals;

15) troy ounce - unit of measure of mass of precious metals, equal 31,1034807 of gram;

16) the affinaging organization - the organization performing refining of precious metals, production of bank gold and the standardized gold bullions;

17) the dealer of precious metals - the individual entrepreneur and the legal entity performing specialized trade in precious metals, products from precious metals including person performing retail trade by precious metals, products from precious metals;

18) scrap of precious metals - the products (products) used for extraction of precious metals and which lost the consumer and (or) functional properties, the scrap which arose in production process of the products (products) containing the precious metals, and also the remaining balance of raw materials, materials, semifinished products, other products (products) used for extraction of precious metals and formed in production process.

Article 3. The legislation regulating the address of precious metals, products from precious metals and the relations arising in case of their turnover

Turnover of precious metals, products from precious metals and the relations arising in case of their turnover are regulated by the Civil code of the Republic of Armenia, the Law "About Management of State-owned Property", this Law and other legal acts.

If in international treaties of the Republic of Armenia (further - the international agreements) other regulations are established, than those which are established by this Law then are applied regulations of international treaties.

Article 4. Control of approbation and branding of products from precious metals, specialized retail trade by precious metals, products from precious metals, refining of precious metals, production of bank gold, the standardized gold bullions

1. Control of approbation and branding of products from precious metals, observance of requirements and service conditions, and also control of retail sale is exercised by authorized body of the Government of the Republic of Armenia (further referred to as with authorized body) with the powers assigned to it by the laws of the Republic of Armenia (further - the Laws). Central Bank of the Republic of Armenia exercises supervision of the functions which are carried out by banks of the Republic of Armenia with bank gold and standardized by ingots within the powers assigned to it by the law.

2. The control specified in part one of this Article is performed:

a) regarding observance of the requirements and conditions established by the legislation, subjects which submitted the notification on implementation of activities for approbation and branding of products from precious metals according to the legislation;

b) regarding observance of the requirements and conditions established by the legislation, the affinaging organizations, the organizations performing activities for production of bank gold and the standardized ingots;

c) regarding observance of requirements, stipulated in Clause 8 these Laws, the subjects performing retail trade by precious metals, products from precious metals including dealers of precious metals, according to the legislation.

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