Dubai jewellers skeptical about digital gold price displays _ the national convert hkd to usd


DUBAI // Electronic displays showing regularly updated gold prices are to be installed in hundreds of jewellery shops to battle price rigging.

The Department of Economic Development and the Dubai Gold and Jewellery Group hope the move, in which customers pay only the displayed price, will make sellers more accountable.

More than 1,000 stores are expected to eventually adopt the system and, although initially only members of the DGJG will adopt the technology, it is hoped non-members will follow.

Jewellers at Deira’s Gold Souq welcomed the news but Yasser Mohammed, of Al Romaizan jewellery, said the system did not take into account the work that went into a piece, and customers would still want to haggle.

“I don’t think it’s a good idea. Euro vs usd exchange rate

We don’t display prices because they each have different work done on them, so we can’t always have a set price because we have to be able to make a profit.”

Mohammed Lootah, executive director of commercial compliance and consumer protection at the department, said: “This is the first gold-pricing display of its kind in the world, and is part of our determination to provide consumers with transparency and help them make purchases without having to worry about being cheated.”

There will be a maximum 5 per cent mark-up to protect local jewellery shops from rapid price fluctuations. Premarket stock futures cnn The customer will only pay the displayed price and there will be no extra charges.

“In future we are also looking into separating the invoice to have the price of gold split from the price of the craftsmanship,” said Mr Lootah. Yen to usd history “Consumers will have a better idea of the value of gold in the jewellery compared with the price of the design.”

“Only a few places in the market display prices but now they’re trying to implement it in each shop, which is a very good thing because that way customers will come with peace of mind and they won’t have any confusion,” he said.

“What they then do is increase the manufacturing cost,” he said. Currency conversion aud to usd “The price of gold is published in the newspaper every day, so it’s all a mind game.

“Some fluctuations in price can really affect customers who buy in bulk, but this is an international price so it’s important to have it displayed,” he said.

Tawhid Abdullah, chairman of Dubai Gold and Jewellery Group, said: “We hope to ensure a pleasant jewellery shopping experience for tourists and residents in Dubai, as they can purchase jewellery from any store at transparent gold prices.”