Article 8 of the Regulations on the Administration of Gold and Silver in People's Republic of China (PRC) shall be handled by the People's Bank of China. No unit or individual may purchase gold and silver except with the permission or entrustment of the People's Bank of China.
Article 12 Individuals selling gold and silver must sell them to the People's Bank of China.
Article 13 Unearthed ownerless gold and silver belong to the state, and no unit or individual may melt, damage or possess it. Unearthed unowned gold and silver found by units and individuals, except those with historical cultural relics value, shall be handled in accordance with the provisions of the Law of People's Republic of China (PRC) on the Protection of Cultural Relics, and must be redeemed by the People's Bank of China and turned over to the state treasury.
Extended data:
Not all the physical gold sold by banks can be bought by banks. Some banks stipulate that gold is usually sold in sealed packages. Once unsealed, it will not be approved for purchase by the bank. This is because once gold is unsealed, there are various risks such as oxidation loss. As for the repurchase of gold by banks, the current gold purchase by banks is not aimed at all physical gold commodities, and most banks can only buy the physical gold sold by their respective banks.
Article 22 of the Regulations on the Administration of Gold and Silver in People's Republic of China (PRC) shall not purchase or consign gold and silver products or gold and silver equipment. Jewelry stores can buy jewelry inlaid with gold and silver for export, but they are not allowed to buy or sell gold and silver products and equipment. Gold and silver products are purchased by the People's Bank of China for export.
Article 23 Individual silversmiths in frontier minority areas and coastal areas where the relatives of overseas Chinese are concentrated may, with the approval of the People's Bank of China at or above the county level and the administrative department for industry and commerce, engage in the business of processing and repairing gold and silver products on behalf of customers, but may not purchase or sell gold and silver products.