By Sanaullah Ataullah
DOHA: A recent initiative by the Ministry of Economy and Commerce to regulate the trade of gold and gold jewellery has won applause from many citizens, who have cited their experiences with regard to irregularities in the trade.
The biggest problem they faced was in reselling gold ornaments as gold shops allegedly make huge deduction in prices.
They also claimed that in case of reselling ornaments which are in good condition and if they did not want to sell them as “used” ones, outlets force them to wait for months if the jewellery is sold and pay much later because first the shops sell these ornaments and then pay up.
“Recently I visited a shop to sell a gold ring with gemstone.
“The shopkeeper rated it excluding gemstone and put the price at QR1,800. When I approached other shops they offered QR300 to QR400 more,” a Qatari woman, Nasreen Al Abdullah, told The Peninsula.
“Most customers are unaware of the trading system for gold ornaments. To avoid conflict with shopkeepers at the time of reselling ornaments, customers should calculate the actual price of gold, making charges and the profit of the shop,” she added.
Gold shops also allegedly charge exorbitantly for gold bars and biscuits.
“I bought a gold bar of 100 grammes. The shopkeeper took QR500 more than the market price. When I went to an exchange house, I came to know the difference,” said Nasreen.
Citing a similar experience, Umm Abdullah, another Qatari woman, said, “I went to a gold shop to sell a used necklace. The shopkeeper asked me to leave it with him. “He would sell it and then give the money. He made me to wait for about six months,” she said.
Shopkeepers gave their justifications for the price difference while reselling ornaments from one outlet to another.
They, however, admitted that some shopkeepers could do some foul play to make money if customers are not vigilant.
“It depends on the condition of ornaments offered for resale. If a piece of jewellery is in good condition, it will be showcased in the shop. In such cases, the seller could get good prices. Otherwise, they need recycling. Then the seller will get only the price of gold, keeping aside gemstones,” said a shopkeeper.
For example, if the shopkeeper thinks that an ornament brought for resale could be sold as it is, he would give QR3 to QR4 more a gramme on the real price of gold on that particular day, he added.
But some shopkeepers might insist on buying an ornament offered for resale at the price of an old one even if it is in good condition and could be showcased at shop as brand new.
“To avoid such exploitations by some people, customers should visit more than one shop to get the best price,” he said.
The ministry has made it mandatory for all gold shops to inform customers about the terms and condition of the deal and issue a detailed sale receipt.
Shops have also been asked to provide warranty on all items in a written form.
The ministry has given the shops three months to adjust their status in line with the new regulations, starting from June 19, which means they would come into force from September 19.
The Peninsula
