What is a Dealer in Precious Metals and Stones (DPMS) under UAE AML law?
A Dealer in Precious Metals and Stones (DPMS) is any person who, in the course of business, trades in precious metals or precious stones, such as gold, silver, platinum, diamonds and other gemstones. Under UAE AML law a DPMS becomes a regulated DNFBP when it carries out a single cash transaction, or several linked cash transactions, whose value equals or exceeds AED 55,000.
Once in scope, a DPMS must apply the full range of AML controls: registering on the goAML portal, performing customer due diligence, screening customers against sanctions lists, keeping records and filing reports with the UAE Financial Intelligence Unit. Jewellers, gold traders, refiners and gemstone wholesalers commonly fall within this definition.
Legal Reference (UAE):
ยท Cabinet Resolution No. 134 of 2025 (Executive Regulations), Article 3(3) defines dealers in valuable metals and precious stones and sets the AED 55,000 cash transaction threshold.
For more details, consult the full text of Cabinet Resolution 134 of 2025 or seek guidance from your AML compliance officer.