LEGAL ALERT: The Mining Act Cap. 123 has been amended to introduce a new license for Gemstone dealers. The amendments which came into effect through the Written Laws (Miscellaneous Amendments) (No. 7) Act, 2019, put a requirement for any person conducting lapidary activities (to cut, polish, or engrave gemstones) to apply for the license.
The Amendments have introduced two types of Lapidary License. 1 Large Lapidary License and 2. Small lapidary License. The classification of such a license depends on the investment put on such a business. As such, the Lapidary License grants the holder the right to buy, acquire or import gemstones for value addition but also, allows selling, disposing or exporting gemstones after value addition. It is important to note that, each type of license is granted for a specified duration and must be renewed upon expiry.
