May 22, 2021


Every dealer in jewellery, precious stones or precious metal must, for the purposes of anti-money laundering (AML) and combating the financing of terrorism (CFT) and proliferation, abide by the Financial Intelligence and Anti-Money Laundering Act (FIAMLA).


Who is a Dealer in jewellery, precious stones or precious metal?


Means a person who deals in jewellery, precious stones and includes a person who:


  • Manufactures, sells, imports jewellery;
  • Exports jewellery and melted precious metal;
  • Supplies jewellery for sale; or
  • Imports, sells, processes precious or semi-precious stones.


Which transactions are concerned?


A dealer in jewellery, precious stones or precious metal who engages in any cash transaction of at least MUR 500,000 in total, whether the transaction is executed in a single operation or in several operations which appear to be linked.


AML/CFT obligations


The following AML/CFT legislative requirements apply to the Jewellery Sector:


  • Registration with the FIU
  • Risk Assessment
  • Developing and implementing Policies and Procedures
  • Appointment of Key Officers
  • Customer Due Diligence
  • Employee Screening
  • AML/CFT Training
  • AML/CFT Audit
  • Reporting
  • Record Keeping


MITCO can assist the jewelleries:


  • For your registration with the FIU
  • To conduct a risk assessment of your business
  • To draft internal policies and procedure manuals for your company
  • To perform customer due diligence identification and verification procedures
  • To provide customized training to the officers of your company
  • To undertake an independent AML/CFT Audit
  • To provide guidance with reporting requirements
  • To provide assistance during regulatory inspections


Contact details

For more information, we invite you to contact our Business Development Team by email  or phone them on + 230 404 8000