Dubai Economy Connects With Consumers and Traders in Gold Souk to Enhance Transparency and Fair Pricing

Press release
Published June 20th, 2017 - 10:22 GMT
Ahmad Al Awadi , Director of Commercial Control in CCCP
Ahmad Al Awadi , Director of Commercial Control in CCCP

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.

Background Information

Dubai Investments

Dubai Investments PJSC is a leading public joint stock company listed on the Dubai Financial Market with over 16,771 shareholders and a paid-up capital of AED 4 billion. Incorporated in 1995, the Company has grown exponentially with investments in a number of businesses across a number of sectors, ranging from real estate, processing industries, mergers and acquisitions, healthcare, education to financial investments in the UAE and the Middle East. Dubai Investments continues to create positive economic impact and long-term value for its stakeholders by investing in sustainable, growth sectors in markets across the globe.

 

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Dubai Investments
Enoc Building Number 1
Oud Metha Street
PO Box 28171
Dubai, United Arab Emirates

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