Gold prices electronically unification in 500 outlets in Dubai early 2016

According to Department of Economic Development in Dubai, it has established a strategic partnership with «the Dubai Gold and Jewellery Group» partnership to unify the display price lists electronically in the sale of gold and jewelery outlets. Stressed that this procedure to confirm ensure standardization of the pricing of gold in retail outlets, and enhance transparency in buying and selling. She pointed out that it will be displayed lists of gold prices in about 500 outlets early 2016, it is expected to increase the number of stores to more than 1,000 outlets by the end of next year.

It will display lists the price of gold starting in 2016 through an electronic display screens measuring 10 and 22 inches for consumers goers sell gold outlets have «the members of the Dubai Gold and Jewellery Group», that is updated automatically four times a day at a rate of, in parallel with changes in Gold prices globally, what ensures no manipulation and price stability at the level of all ports.

Said Executive Director of Commercial Compliance consumer in the economic development of Dubai Department of protection, Mohammed Rashid Ali Lootah, said that «the partnership reflects the interdependence between the public sector in the Emirate of Dubai and the private sector in general», referring to «the importance of uniting efforts to strengthen the relationship between the merchant and the consumer on the one hand, and confirm the importance of the gold trade and its impact on overall economic activity of the Emirate of Dubai on the other hand. » Lootah added that «new initiative contribute to facilitate shopping in the retail market outlets selling gold jewelry, and through the identification of Price», pointing out that «the first phase of the initiative will begin early in 2016 to be covered nearly 500 outlets». Lootah predicted that «the number of stores the bar prices up to more than 1,000 outlets by the end of next year, a large proportion of the total gold and jewelry shops in the emirate of Dubai.» He stressed that the gold sector in Dubai is one of the more commercial sectors commitment to the standards and the laws of Trade and Consumer Protection Act in Dubai.

The credibility of consumers

Said Lootah, during a press conference that «the gold sector is the least in terms of complaints from consumers against various economic sectors», adding that «of less sectors that are violating a trade, and that this is why the Department of Economic Development to cooperate with him as one of the most important economic sectors in Dubai ». Lootah added that «the initiative will include members (Gold and Jewellery Group) in Dubai, which represent the largest segment of the shops in the emirate», adding that «will be expanded initiative later with other shops that you’ll want in order to win the credibility of consumers and implementation of sales plans». Lootah stressed that «will update the displayed prices in line with fluctuations in global gold prices to ensure transparency and help consumers purchase without hesitation or fear of being cheated or manipulated in Price», pointing out that such practices will enhance the competitiveness and sustainability of the gold market in the Emirate of Dubai, which is One of the most attractive markets for consumers, whether they are residents or tourists.

For his part, Chairman of «Dubai Gold and Jewellery Group», Tawhid Abdullah said: «welcome to be a major contributor in the activation of the principle of transparency and integrity in sales at the level of stores that sell the gold and jewelery trade», adding that «the partnership with the commercial control sector consumer and protection Department of Economic Development will ensure an enjoyable shopping experience for tourists and residents in Dubai, where they will be able buy jewelry from a shop without worry and fear of varying gold prices and rigged. » Abdullah added that «(Dubai Gold and Jewellery Group) has worked since its inception in 1996 to encourage its members from selling display the price of gold for the convenience of consumers ports, thereby enhancing the gold trade on the local and international levels by offering a flat rate in all parts of Dubai.» He pointed out that «Group» played a catalytic role in guiding the jewelry sector, and contributed to raise the transparency and efficiency, and consumer awareness, and confirm the safety of market manipulation or erroneous practices in the field of retail jewelry in the Emirate of Dubai.

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