S.L. 441.7 Art. 56Validity of licence.

(1)A licence to carry out the business of a dealer in precious metals and stones shall be renewable every three (3) years upon a submission by said dealer for renewal: Provided that in the case of those Dealers in Precious Metals st and Stones who are deemed to have been licensed as from 1 January 2021, in terms of regulation 48, may at any time after January 2021 be required by the Trade Licensing Unit to provide it with all the details and documentation which must be provided when applying for a new licence: Provided further that if the Trade Licensing Unit considers that the dealer is not in compliance with the eligibility criteria envisaged under regulation 50, the Trade Licensing Unit shall cancel or suspend the licence as it deems appropriate.

(2) An application for the renewal of a licence may be made to the Trade Licensing Unit not earlier than three (3) months preceding the date of the expiry of the licence.

(3) A dealer may not continue operating as a dealer unless he submits an application for renewal and the licence is renewed.