The gold trading sector in Italy is about to undergo a significant transformation. With the publication in Official Journal (General Series No. 1 of 2 January 2025) of the Legislative Decree 10 December 2024, n. 211, substantial changes have been introduced to the Law n. 7/2000, with the aim of strengthening control over the gold market and aligning Italian legislation with the provisions of the EU Regulation 2018/1672 on cash controls.
Contents
- 1 The main news
- 2 The impact on the different categories of operators
- The application of these new rules will have concrete effects on several actors in the sector:
- I buy gold and small traders
- Banks and financial institutions
- Gold industry and manufacturing companies
- 3 The impact on used gold sales
- 4 What changes for those who buy investment gold?
The main news
Among the most relevant aspects of the decree are:
- Redefining Gold Categories: Investment gold now also includes gold intended for further processing, while industrial gold material explicitly includes semi-finished products.
- New reporting thresholds for gold transactions: lowering to 10.000 € for the reporting obligation, with the introduction of monthly monitoring for repeated operations of at least 2.500 € with the same counterpart.
- Transfer of communications management: no longer at the Bank of Italy, but at theOrganismo Agenti e Mediatori (OAM), which will establish a Register of Professional Gold Operators (OPO), similar to the one already in force for gold buyers.
The new provisions will come into force on 17 January 2025, while the OPO Register will be operational within three months of the publication of the decree, with a subsequent period of 30 days for the registration of operators.
The impact on the different categories of operators
The application of these new rules will have concrete effects on several actors in the sector:
I buy gold and small traders
Gold buying shops will have to face increased administrative obligations, including enrollment in the new OAM RegisterFailure to register will result in fines for unauthorised practice, limiting the ability to operate for those who do not comply with the new rules. Furthermore, the more stringent monitoring of purchase operations exceeding 2.500 euro monthly may create difficulties for those who handle frequent transactions with small vendors.
Banks and financial institutions
Credit institutions will have a key role in theadaptation of the legislation, as they may be required to report suspicious transactions. Banks will also have to review their procedures for managing accounts linked to gold traders, verifying compliance with new EU directives.
Gold industry and manufacturing companies
Companies in the jewellery and gold industry will have to adapt to the new definition of gold material, which now also includes semi-finished products intended for smelting. This could have an impact on tax and customs procedures, with possible variations in the methods of declaring the materials used.
The impact on used gold sales
For citizens who intend to sell used gold, like jewels or coins, these novelties bring some significant changes:
- Greater traceability: any operation above the 10.000 € must be declared, and fractional sales above the 2.500 € with the same counterparty will be subject to control.
- Controls on gold buying operators: all subjects purchasing gold must be registered with the OAM, under penalty of sanctions for unauthorized practice.
What changes for those who buy investment gold?
The market of theinvestment gold (gold bars and coins) will be affected by these changes. For this reason, we have discussed this with the gold buying experts MVSjewelry of Rome:
- More regulatory clarity: the new definition explicitly includes gold intended for melting, eliminating uncertainties on the tax treatment of certain products.
- New reporting obligations: buyers who make transactions for a value equal to or greater than 10.000 € will have to declare the transaction.
- Repeat Operations Monitoring: if in one month you purchase more than one gold bar or coin from the same counterparty for a total amount of at least 10.000 €, the reporting obligation will be triggered.
This means that gold investors will have to pay more attention to the documentation of their transactions, which will directly impact their purchasing methods and investment strategies.
Article published on 3 February 2025 - 16:44
Video Chronicles
