Dubai pioneers uniform gold price display system

By early 2016, jewellery retail outlets in Dubai will feature centrally-controlled display units. - KT file

Customers in Dubai can make jewellery purchases without the fear of being cheated through a pioneering initiative that provides them with regularly updated uniform gold prices. By early 2016, jewellery retail outlets in Dubai will be featuring centrally-controlled display units to ensure price transparency.
With this novel initiative, Dubai will emerge as the first jewellery destination in the world to adopt a centrally controlled electronic display to communicate gold prices in store. The uniform price display sys-tem is being launched by the Department of Economic Development (DED) in Dubai and the Gold & Jewellery Group (DGJG), the premier industry association of gold retailers in Dubai. On Thursday, DED and DGJG announced that they had reached an agreement to install electronic price display units to provide uniform and transparent pricing across retail jewellery outlets in Dubai.
In the first phase, nearly 500 outlets will install the centrally controlled Electronic Retail Jewellery Price Display Unit and eventually over 1,000 outlets will have the display system. "The price displayed will be up-dated in line with international gold price fluctuations to ensure transparency and help consumers make purchases without the fear of being cheated," DED 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 gold trade in overall economic activity in Dubai," said Mohammed Rashed Ali Lootah, Executive Director of the Commercial Compliance & Consumer Protection (CCCP) sector in DED. "The Dubai Gold & Jewellery Group was established with the support of the Department of Economic Development and we have continued our partnership to cement Dubai's reputation as the 'City of Gold.' 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," said Lootah. The new initiative will make Dubai the first jewellery destination in the world to adopt a centrally controlled electronic display to communicate jewellery prices in store. Operating on a GSM platform the Unit will provide the most updated prices without any chance of manipulation by jewellers. It will also help tourists understand the gold price in local currency and reassure them that what they pay is the official price followed by jewellers across Dubai.
"Dubai Gold & Jewellery Group is proud to be instrumental in uniting the jewellery fraternity and facilitating uniformity and transparency in the retail gold jewellery pricing in Dubai. Under the guidance of Consumer Protection Department and DED, we hope to ensure a pleasant jewellery shopping experience for tourists and residents in Dubai as they can purchase jewellery from any store at a trans-parent price," said Tawhid Abdullah, Chairman of DGJG. Jewellers can choose from a 10-inch display screen or 22-inch screen, provided by DGJG to member outlets.
The hardware has three years warranty and DGJG will provide the GSM technology and maintenance for one year. Retail members could renew this service next year by paying a service charge. Since its inception in 1996 DGJG has been encouraging member outlets to display gold rates for the convenience of local and international consumers and trade in a uniform price across Dubai. DGJG also advocates for the maintenance of a three-five per cent mark-up over the inter-national commodity price in or-der to protect the interest of the local gold and jewellery industry. The 'Suggested Retail Price' thus displayed is currently updated four times a day based on inter-national gold rates. DGJG has also played a catalytic role in reforming the fragmented retail jewellery sector in terms of retail price uniformity. DGJG's efforts have brought un-paralleled transparency, efficiency, consumer awareness and market integrity into the retail jewellery business in Dubai.
- issacjohn@khaleejtimes.com