Law changes: Buying groups unite to support jewellers

Australia’s industry buying groups have organised an information session about significant changes to anti-money laundering regulations which will affect all jewellery businesses.

The local jewellery trade is preparing for the significant regulatory change following a recent announcement regarding new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements.

Scheduled for Tuesday, 10th March, 2pm, representatives from the Independent Jewellers Collective, Nationwide Jewellers and Showcase Jewellers will deliver an industry-wide educational webinar.

The session will guide businesses through the regulatory framework, practical implications, and decision-making considerations. Nationwide Jewellers managing director Colin Pocklington encouraged all jewellery business owners to participate.

“With AUSTRAC enrolment opening on 31 March 2026, every jewellery business will soon be making one of two important operational decisions,” he told Jeweller.

"By working together, the three buying groups aim to provide clarity at a critical moment, reinforcing the industry’s proactive approach to compliance while ensuring businesses remain equipped to navigate the evolving regulatory landscape."
Colin Pocklington, Nationwide Jewellers

"Our goal is to ensure the industry has clear, practical guidance so owners can approach these changes with confidence. This is about education, preparedness, and supporting the long-term strength of our sector.”

In late January, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a nationwide communication to jewellery businesses titled ‘New financial crime laws coming – access our newly released kits to prepare.’

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The message introduced a series of jewellery industry ‘Starter Kits’ and supporting AML/CTF guidance documents designed to help businesses understand their upcoming obligations.

The changes come into effect on 1 July 2026. The legislation will apply to jewellery businesses that buy or sell precious metals and gemstones.

A key decision for retailers and suppliers will be whether to accept or make payments of $10,000 or more in cash or virtual assets, a determination that carries compliance responsibilities.

Nationwide’s Pocklington has been joined by Showcase Jewellers managing director Anthony Enriquez and IJC’s CEO Joshua Zarb at multiple AUSTRAC industry briefings throughout 2025.

"By working together, the three buying groups aim to provide clarity at a critical moment, reinforcing the industry’s proactive approach to compliance while ensuring businesses remain equipped to navigate the evolving regulatory landscape,” Pocklington said.

The groups will make the webinar available to all industry participants via Jeweller, providing access to the information for all business owners, not just buying group members.