Dubai – MENA Herald: The Department of Economic Development (DED) in Dubai and the Gold & Jewellery Group (DGJG), the premier industry association of gold retailers in Dubai, have reached an agreement to install electronic price display units to ensure uniform and transparent pricing across retail jewellery outlets in Dubai.
The centrally controlled Electronic Retail Jewellery Price Display Unit will display the latest retail rates of gold for the convenience of consumers, starting early 2016. Nearly 500 outlets will install the new units in the first phase and eventually over 1,000 outlets will have the electronic display. The price displayed will be updated in line with international gold price fluctuations to ensure transparency and help consumers make purchases without the fear of being cheated.
“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,” added 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 instore. 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 jewelers 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 transparent gold price,” commented Tawhid Abdullah, Chairman of DGJG.
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 3-5% mark-up over the international commodity price in order to protect the interest of the local gold & jewellery industry. The ‘Suggested Retail Price’ thus displayed is currently updated four times a day based on international gold rates.
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.
DGJG has played a catalytic role in reforming the fragmented retail jewellery sector in terms of retail price uniformity. DGJG’s efforts have also brought unparalleled transparency, efficiency, consumer awareness and market integrity into the retail jewellery business in Dubai.