TAQEEM Urges Valuers to Rectify Status by 2025

The Saudi Authority for Accredited Valuers (TAQEEM) has called on all precious metal and gemstone valuers in the Kingdom to use the grace period granted to them to rectify their professional status, with full compliance required by July 1, 2025, and membership in the authority mandatory by July 1, 2026. The announcement, issued via the Saudi Press Agency, is part of a broader regulatory push to formalize and elevate valuation practices across Saudi Arabia’s growing precious metals and gemstones sector.

Context and Background

TAQEEM, a government body responsible for regulating the valuation profession, issued the reminder as part of its executive regulations. The grace period is designed to give existing valuers sufficient time to meet legal requirements without disrupting their businesses. According to TAQEEM Spokesperson Saad Al-Baiz, the measures are part of a series of corrective steps aimed at realizing governance of practices, ensuring professional valuation, and guaranteeing accurate, fair, and reliable valuation services.

The initiative reflects Saudi Arabia’s wider efforts to enhance trust and transparency in markets that are increasingly important to the national economy. Precious metals and gemstones play a vital role in Saudi Arabia’s cultural heritage and modern commerce, from traditional gold markets to high-end jewelry and investment-grade stones. As the Kingdom diversifies its economy under Vision 2030, robust oversight of valuation professionals becomes essential to protecting consumers and investors alike.

Key Details

Under the new rules, valuers must meet all legal requirements by July 1, 2025, and become members of TAQEEM by July 1, 2026, if they wish to continue working in the Kingdom. The authority has provided multiple channels for individuals seeking to rectify their status, including its official website at taqeem.gov.sa and a unified contact number, 920011244.

Al-Baiz emphasized TAQEEM’s ongoing efforts to raise the quality of services, align them with international best practices, and enhance the efficiency and skills of those working in the profession. He noted that the corrective measures are intended to safeguard the rights of beneficiaries and reinforce confidence in the market.

Implications and Impact

The move is expected to professionalize a sector that has traditionally included many independent operators. By requiring formal accreditation, TAQEEM aims to reduce risks associated with inaccurate valuations, which can lead to financial disputes and undermine market confidence. For international investors and businesses engaging with Saudi Arabia’s gold and gemstone markets, the new standards signal a more predictable and reliable environment.

Regionally, the initiative positions Saudi Arabia as a leader in regulatory best practices for valuation services. As the Kingdom expands its tourism and luxury retail sectors—key components of Vision 2030—the demand for trustworthy valuation services will only grow. The grace period offers a practical transition for current practitioners while setting a clear deadline for compliance.

Vision 2030 Alignment

This regulatory push aligns directly with Vision 2030’s objectives of enhancing economic governance, promoting transparency, and fostering a business environment that attracts global investment. By strengthening professional standards in the precious metals and gemstones sector, TAQEEM supports the Kingdom’s broader goals of economic diversification and sustainable growth. As Saudi Arabia continues to modernize its regulatory frameworks, initiatives like this underscore its commitment to excellence and integrity in all sectors, reinforcing its position as a leading global economy.

20 Questions

Q1. What is TAQEEM?

A1. TAQEEM is the Saudi Authority for Accredited Valuers, a government body that regulates and accredits valuation professionals in Saudi Arabia to ensure high standards and transparency in the profession.

Q2. What grace period has TAQEEM granted?

A2. TAQEEM has granted precious metal and gemstone valuers a grace period to rectify their status, with full legal compliance required by July 1, 2025, and TAQEEM membership by July 1, 2026.

Q3. Who needs to rectify their status?

A3. All precious metal and gemstone valuers currently operating in the Kingdom must rectify their status to continue working legally in Saudi Arabia.

Q4. Why is TAQEEM implementing these measures?

A4. The measures aim to ensure governance of practices, professional valuation, accurate and fair services, and to enhance trust and transparency in the precious metals and gemstones market.

Q5. What are the deadlines for compliance?

A5. Valuers must meet all legal requirements by July 1, 2025, and become members of TAQEEM by July 1, 2026.

Q6. How can valuers rectify their status?

A6. Valuers can visit the TAQEEM website at taqeem.gov.sa or contact the unified number 920011244 for more information and guidance.

Q7. Who is Saad Al-Baiz?

A7. Saad Al-Baiz is the official spokesperson for TAQEEM, who announced the corrective measures and emphasized the authority’s commitment to raising service quality.

Q8. What is the goal of these corrective measures?

A8. The goal is to realize governance of practices, ensure professional valuation, guarantee accurate and reliable services, and safeguard the rights of beneficiaries.

Q9. How does this affect the precious metals market?

A9. It enhances trust and transparency, which can lead to a more stable and attractive market for investors and consumers, both locally and internationally.

Q10. What are the benefits for consumers?

A10. Consumers benefit from fair and accurate valuations, reduced risks of fraud, and greater confidence in transactions involving precious metals and gemstones.

Q11. Does this align with Vision 2030?

A11. Yes, it aligns with Vision 2030’s goals of economic governance, transparency, and creating a business environment that attracts global investment.

Q12. What happens if valuers do not comply?

A12. Valuers who fail to meet the requirements by the deadlines will not be able to work in the Kingdom, as stipulated by TAQEEM’s executive regulations.

Q13. How does TAQEEM support international best practices?

A13. TAQEEM aligns its standards with international best practices, enhancing the efficiency and skills of valuation professionals to meet global benchmarks.

Q14. What types of valuers are affected?

A14. Valuers specializing in precious metals such as gold and silver, as well as gemstones including diamonds and other precious stones, are affected.

Q15. Is there a fee for rectifying status?

A15. The article does not specify fees; interested individuals should contact TAQEEM directly via their website or unified number for detailed information.

Q16. How long has TAQEEM been regulating this sector?

A16. TAQEEM has been actively regulating the valuation profession, and this initiative is part of its ongoing efforts to improve standards and governance.

Q17. What is the unified number for TAQEEM?

A17. The unified number is 920011244, available for inquiries and assistance regarding the rectification process.

Q18. Will this affect foreign valuers working in Saudi Arabia?

A18. Yes, all valuers, including foreign professionals, must comply with TAQEEM’s regulations to continue working legally in the Kingdom.

Q19. How does this impact the gemstone market?

A19. It brings greater professionalism and reliability, which can boost confidence among buyers and sellers, and support the growth of Saudi Arabia’s gemstone trade.

Q20. Where can I find more information?

A20. More information is available on the TAQEEM website at taqeem.gov.sa or by calling the unified number 920011244.

---