Explanation of Amendments to the “Asset Valuation Standards—Jewelry and Ornaments”: The relevant provisions have been revised in accordance with the “Asset Valuation Law.” The main revisions are as follows:

I. The 2017 edition of the Jewelry and Ornament Valuation Standards has three fewer items than the 2009 edition.

II. Main contents to be canceled:

1. In all clauses, the description “Registered Asset Appraiser (Jewelry)” has been removed.

2. The qualification requirements for appraisal institutions have been removed: Specifically, the requirement that “asset appraisal institutions engaged in jewelry and ornament appraisal business must hold an asset appraisal qualification certificate issued by the financial authorities and clearly indicating ‘jewelry, ornaments, and art appraisal’ in their scope of business” has been eliminated.

3. Remove the requirement to “disclose assumptions or constraints that directly affect the valuation conclusion, and explain their impact on value”;

4. Remove the description stating, “Other businesses related to the execution and valuation of jewelry and gemstones may be conducted in accordance with this standard.”

III. Main Added Content

1. Provisions have been added specifying the minimum number of appraisers (jewelry) and jewelry appraisal professionals required to undertake business assignments. The provisions state that “other jewelry appraisal professionals” may also engage in general jewelry appraisal services, and that “appraisal reports for statutory appraisal engagements must be signed by at least two appraisers (jewelry) who are undertaking the assignment and bear the official seal of the appraisal agency.”

2. Added requirements for the valuation of intangible assets, such as works involving jewelry and jewelry accessories;

3. “Estimation assessment” has been added to the evaluation procedure.

IV. Amendments have been made to the wording of certain provisions; see the comparison table for details.