Dubai connects with consumers, traders in Gold Souk to enhance transparency

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Staff Report

Dubai – Officials from the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy paid a visit to the Dubai Gold Souk recently to meet consumers as well as traders and discuss the pricing mechanism for gold and diamonds. The visit was part of ensuring fair pricing and transparency in buying and selling gold and diamonds, particularly during the busy Ramadan-Eid Al Fitr season.

The officials focused on educating consumers about consumer protection systems in Dubai and the mechanism for raising and resolving consumer complaints, in addition to providing general advice on buying gold and diamonds. The electronic price display system in gold outlets across Dubai, which are updated four times daily to reflect changes in global gold prices thus eliminating chances of price manipulation, also featured in the discussions held during the visit.

Ahmad Al Awadi, Director of Commercial Control in CCCP, said such market visits are aimed to ultimately strengthen relations between merchants and consumers through familiarising them with the role and importance of consumer protection.

“Invoices for gold and diamond purchases should mention the standards and weight, in addition to other relevant details. Buyers are also entitled to certificates of classification issued by the competent authorities in Dubai on purchases of diamonds and precious stones,” explained Al Awadi.

“The electronic gold price display aims to enhance consumer convenience and transparency as well as keep the market safe from malpractices like price manipulation. This will increase consumer confidence in the business and enhance competitiveness and sustainability of the gold market, in Dubai as well as across the UAE, which is one of the most attractive places to buy gold for residents and tourists alike,” Al Awadi added.

Al Awadi pointed out that the market visit also reaffirms the strategic importance of the gold trade and its impact on economic activity in Dubai. Dubai Economy is keen to ensure that the gold and diamond sector retains the highest degree of competitiveness and transparency in delivering services to consumers, he added.