Monday, December 21, 2015
Dubai, one of the world’s major jewellery-buying centres, is introducing a new system which will show the up-to-the-minute gold price in hundreds of shops across the United Arab Emirates city.
The system, a world-first for retail stores, is being pioneered thanks to a partnership between Dubai’s Gold & Jewellery Group and the Department of Economic Development (DED). The electronic gold price displays will all be linked to a central system to ensure buyers are able to purchase gold at the correct price and protect them from potential over-charging.
The programme will initially be rolled out to almost 500 jewellery shops early in the New Year. Around 1,000 stores will eventually become part of the scheme.
Mohammed Rashed Ali Lootah, who heads the DED’s Commercial Compliance and Consumer Protection section, said: “The Electronic Retail Jewellery Price Display Unit is the latest in our joint initiatives with the private sector to enhance consumer awareness and enhance ease of shopping. It also reflects the importance [of the] gold trade in overall economic activity in Dubai.
“Considering the number of retail gold outlets in Dubai and the volatility of gold as a commodity, uniform pricing and transparency are critical to keeping Dubai as the most competitive and attractive gold market.”
Dubai, which is keen to establish itself as the ‘city of gold’, attracts wealthy tourists from around the world and is working hard to foster a reputation for transparency and integrity.
The new system is not the first time the city’s Gold & Jewellery Group has taken steps to assure customers they are paying the correct market rate for the precious metal. Since it was set up almost 20 years ago, the organisation has encouraged members to show the current international gold price in shops alongside their suggested retail prices, which are set at three to five per cent higher than the gold troy ounce price.