ID and Cash Limits for Buying Silver in Saudi Arabia
Saudi Arabia has no legal cap on paying cash for silver, but since October 2026 the Ministry of Commerce has told precious metals traders to verify your national ID, iqama or passport for any cash purchase or sale of SAR 50,000 or more, including linked deals. The rules cover precious metals generally, so silver bars, coins and jewellery are included. When a shop buys silver from you, it must record your name, ID number and nationality on a special invoice whatever the amount.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying | Valid ID checked for cash of SAR 50,000 or more. | Citizens: national ID; residents: iqama; visitors: passport. Linked deals are added together. |
| Paying cash | No legal cap. | All shops must offer electronic payment (since August 2020). |
| Selling | Seller's name, ID number and nationality go on the invoice, any amount. | Cash sales of SAR 50,000+ also trigger the ID check. |
| Reported | Suspicious transactions, at any amount. | No cash-transaction report threshold has been published for precious metals shops. |
The rules in detail
- In a circular sent through the Federation of Saudi Chambers (reported by Okaz on 6 October 2026), the Ministry of Commerce told precious metals and gemstone traders to verify the identity of anyone who buys or sells for SAR 50,000 or more in cash, in a single deal or several that appear linked. Silver is a precious metal, so silver dealers and jewellers are covered.
- Accepted ID: a valid national ID for Saudis, a valid iqama for residents, and a valid passport for visitors. The shop must check the document is valid that day, not just look at it, keep records under the Anti-Money Laundering Law, and display a notice explaining the rule.
- Below SAR 50,000, shops must still check ID if they suspect money laundering or if your details look incomplete or doubtful, and must report suspicious transactions of any value.
- The threshold doesn't replace the invoicing rules of the Precious Metals and Gemstones Law: shops must issue invoices and record customer details regardless of the amount.
- The ministry hasn't said whether the same ID step applies to card payments above SAR 50,000, and no separate penalties have been announced.
When you sell
- Amendments to the precious metals rules (in force from 11 October 2025) require a shop buying from an individual to issue a special invoice with the seller's name, ID number and nationality.
- Cash payouts of SAR 50,000 or more also require the ID check.
- Used jewellery must be displayed in a separate area of the shop.
Gold and travel
- The same ID and invoice rules apply to gold.
- Cash, gold, precious metals, gemstones and jewellery worth SAR 40,000 or more must be declared when entering or leaving (lowered from SAR 60,000 in 2026).
Silver ID and Cash Limits in Saudi Arabia: FAQ
Do I need ID to buy silver in Saudi Arabia?
For cash purchases of SAR 50,000 or more, yes: a national ID, iqama or passport. Below that, a shop must still check ID if it has doubts about the customer.
Is there a limit on paying cash for silver in Saudi Arabia?
No legal cap has been published. Large cash deals trigger the ID check, and every shop must offer electronic payment.
What do I need to sell silver in Saudi Arabia?
Your ID. The shop must issue a special invoice showing your name, ID number and nationality, whatever the amount.
Sources (5)
- Okaz: Commerce Ministry ID rule for cash deals of SAR 50,000+
- Saudi Life Guide: gold shops must check ID on cash deals of SAR 50,000+
- Ministry of Commerce: amendments to precious metals rules (October 2025)
- Ajel: e-payment system for all Saudi retailers comes into force
- Gulf Business: new SAR 40,000 cash and gold declaration rules
General information for individuals buying or selling silver, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.