A new legislative bill, discussed in the Committee of Energy, Commerce, and Industry, is set to introduce 10-karat gold items to the Cypriot market. This move aligns Cyprus with other European Union countries and aims to broaden the options available in the goldsmith industry, offering new products to consumers at competitive prices.

As stated by The Cyprus Assay Office during the committee meeting, this law adds the classification of 10-karat gold. This inclusion is expected to provide the goldsmith sector with the opportunity to introduce innovative products to the market, thereby enhancing consumer choice.

In addition, the law amendment enables an authorized officer of the Authority to issue extrajudicial fines for offenses related to the sale of precious metal items. Previously, such fines required police or judicial officer involvement, adding layers of bureaucracy.

The Chairman of the Committee, DISY MP Kyriakos Hadjigiannis, welcomed the addition of this new gold category, which will be available to consumers at lower prices. He also noted that the provision for extrajudicial resolution of offenses would help combat bureaucracy.