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 robust consumer confidence and remain a leading economic activity in the emirate. Efforts by the Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy to spread consumer rights awareness while also strengthening legal and regulatory compliance within the sector have been instrumental in promoting the gold trade and enhancing overall competitiveness in the emirate.
A strong indicator of consumer happiness and satisfaction in the local gold and jewellery trade is the low number of consumer complaints that Dubai Economy receives from the sector. Gold and jewellery purchases accounted for hardly 0.5% of the total consumer complaints received in 2019, according to the annual report of Dubai Economy.
Mohammed Ali Rashed Lootah, CEO of CCCP, said: "Dubai gained wide international fame after it had become a global centre for gold, thanks to the keenness of leading companies to make the best use of the exceptional business environment and the booming retail market in Dubai. Gold and jewellery businesses in Dubai provide distinctive and diversified products and services for all consumer segments to make this sector the most unique in the world."
Lootah added 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 and the making charges, which varies according to the distinct designs of jewellery. Buyers should also be aware that the making charge will not be counted when reselling jewellery, as they are only acquiring the raw gold. If a jewellery piece is redesigned or used to make a new item, then the value of the workmanship may be restored."
A merchant is not legally obliged to take back a gold or jewellery already purchased. According to the UAE law, the consumer is defined as anyone who receives a good or service in fulfilment of their personal need. Therefore, those who wish to sell gold and jewellery are not considered consumers, and the merchant has the right to set the conditions for the buying process within the framework of commercial regulations and terms as agreed upon between the two parties.
Lootah concluded: "Dubai Economy is keen to enhance communication with consumers and merchants and also adopt global best practices on warranty, exchange, return and pricing within the framework of the UAE consumer protection law. Our objective is to educate consumers and merchants about their rights and duties, and spread awareness of the consumer protection law, thus enhancing the competitiveness and sustainability of the gold market in Dubai. The emirate is one of the most attractive markets for residents, visitors, and tourists alike, capable of meeting their needs and providing them with a pleasant shopping experience.”
About Dubai Economy
Dubai Economy is the government body entrusted to set and drive the economic agenda of the Emirate of Dubai, UAE. Dubai Economy supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth. Dubai Economy and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.
For further information, please contact:
Faisal Shamsudheen, Government Communication Division, Dubai Economy
Phone: +971 4 445 5927, Email: email@example.com
© Press Release 2020