Kuwait Bans Cash Deals in Gold and Precious Metals Trade

Kuwait Jewellery News: The Kuwaiti Ministry of Commerce and Industry has officially outlawed the use of cash in all transactions involving gold, jewelry, precious metals, and gemstones with effective from today. Under Ministerial Resolution No. 182 of 2025, buyers and sellers must now use electronic or bank-approved methods such as KNET, credit cards, or direct bank transfers for every purchase or contract related to these high-value goods.

Kuwait’s gold and jewelry market enters a digital era as cash transactions are banned
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This Kuwait Jewellery News report highlights how the new law aims to curb financial crimes, enhance market transparency, and align Kuwait with global anti-money-laundering (AML) and compliance standards. The Ministry’s decision is a major step in modernizing the nation’s gold and jewelry sector, traditionally known for its strong cash-based trading culture.

A New Era of Digital Transactions

The ban applies to all dealings—whether retail purchases, wholesale contracts, or gemstone sales. Any violation could lead to immediate closure of the business, seizure of assets, and referral to investigative authorities. By requiring traceable payment systems, the Ministry and Central Bank of Kuwait hope to prevent illicit transactions and ensure every dinar in the precious metals trade is accounted for.

How This Impacts Buyers and Retailers

For buyers, the change means paying digitally through approved methods only, with receipts showing proof of electronic payment. For jewelers and gold traders, it involves upgrading point-of-sale systems, training employees, and maintaining strict documentation to meet regulatory standards. Compliance will be monitored closely, with authorities conducting regular inspections to enforce the new rules.

Shaping a Safer Market

Industry analysts see the move as a sign of Kuwait’s determination to strengthen its economic integrity and attract legitimate foreign investment. The shift may initially inconvenience traditional customers who prefer cash, but it will ultimately benefit the sector by improving trust and international credibility. By eliminating cash, authorities are shutting down a common loophole used for tax evasion, smuggling, and money laundering.

The transition marks a turning point for the Kuwaiti jewelry trade—one that blends heritage with high-tech accountability. Over time, experts believe this regulation will pave the way for a cleaner, more transparent, and digitally connected marketplace that sets a new benchmark for the region.

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