DUBAI – The gold and jewellery market, which is among the pillars of Dubai’s reputation as a global retail hub and shopping destination, continues to enjoy consumer confidence and remain a leading economic activity in the emirates.
Efforts by the Commercial Compliance and Consumer Protection, CCCP, sector at Dubai Economy to improve awareness over consumer rights, while also strengthening legal and regulatory compliance within the sector, have been instrumental in promoting the gold trade and enhancing the overall competitiveness in the emirates.
Gold and jewellery purchases accounted for hardly 0.5. percent of the total consumer complaints reveived in 2019, according to the annual report of Dubai Economy.
Mohammed Ali Rashed Lootah, CEO of CCCP, said that regulations and procedures put in place to maintain the attractiveness of the market and ensure the rights of merchants and consumers alike have complemented the growth of the local gold and jewellery sector.
‘We are keen to launch awareness campaigns targeting various groups of consumers. For example, we urge consumers purchasing jewellery to make sure of the price of gold the making charges, which varies according to the distinct designs of jewellery. Buyers should also be aware that the making charge will not be taken into account while reselling jewellery, as they are only acquiring the raw gold. If a piece of fewellery is redesigned or used to make a new item, then the value of the workmanship may be restores’, he said.
A merchant is not legally obliged to take back gold or jewellery already purchased. According to UAE law, a consumer is defined as anyone who receives goods or services in fulfillment of his or her personal needs. Therefore, those who wish to sell gold and jewellery are not considered consumers, and the merchant has the right to set condition for the buying process with the framework of commercial regulations and terms. As agreed upon between the two parties.
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