Sharjah: The Gold Souq Committee on Tuesday inaugurated the Central Market Bulletin Board that displays the price of precious metals in a bid to regulate retail prices.
Haider Saeed Mian, Acting President and representative of the Gold Souq committee, said the boards will benefit consumers and the business community of Sharjah, as they strive towards a better business practise in the souq.
"We want to make a unified gold price because every second it changes, and we want to protect the customers," said Mian. "We are aware that tourists were getting cheated and that is why we want all shops to follow the set prices."
Four bulletin boards were set up at the Gold Souq, (also known as the Blue Souq), and displays the latest prices according to the Central Bank International Market that also includes the cost of transportation and shipment.
"Everybody used to put a price in their shop according to the prices they expected because it was very difficult to know what they were for certain as they were always fluctuating, but all that will change now with the bulletin board," said Mian, pointing out that there are 120 jewellery shops at the souq.
If customers continue to suspect that they are being over-priced, they can lodge a complaint at the office of the Consumer Protection Department located on the first floor.
Jewellery shop owners welcomed the move and said that it also encouraged trust from the customers.
"People would arrive in the morning and be given a price, and then when they go to the same shop in the evening they think they are being cheated when they are given another price. But that is not the case. Now they will be able to see for themselves what the prices actually are," said Dilip Saqar, owner of Al Yarmouk Jewellers.
He pointed out that the price of gold was not stable anymore, and the uniformity of price was much needed in the souq.
By Mariam M. Al Serkal
© Gulf News 2009
