The major pillars of UAE’s heartland Dubai-The Gold and Jewellery Market make Dubai’s reputation as the Gold retail hub and one amongst the shopping paradise and it continues to retain the highest consumer confidence, thus remaining as one of the leading economic activity in the emirate region.
Commercial Compliance and Consumer Protection,(CCCP) sector with their marathon efforts have bolstered UAE’s Economy and also created a powerful awareness drive to substantiate and improvise upon the consumer rights and as well as bolstering legal and regulatory compliance within the sector thereby being instrumental in the promotion of Gold Trade as well as enhancing the overall competitiveness in the emirate.
According to the Annual report of Dubai Economy, Gold and Jewellery purchases accounted for hardly 0.5 percent of the total consumer complaints received in 2019. The CEO of CCCP Mohammed Ali Rashed Lootah stated that “For maintenance of the attractiveness of the market and ensuring that the rights of merchants and consumers are intact, the strict regulations and procedures must be in place and must be well complemented the growth of the local gold and jewellery sector.
He also additionally stated that “they are eager to launch more awareness campaigns and in targeting various groups of consumers. For illustration: – They urge the customers purchasing a particular set of Jewellery in making sure of the correct pricing of the Gold and also regarding the making charges, which also varies according to the distinctive designs of Jewellery. They must also be self-aware that while resale of the jewelry, the particular set of Jewellery’s making charges will not be considered, as it is the only raw gold that is being procured. In case the Jewellery is redesigned or being utilized in making up a brand-new item, then the handiwork can be restored.
Already purchased Gold or Jewellery, the merchant is not at all legally obliged to take back them. The consumer is defined as anyone receiving the Goods or Services in fulfillment of his or her personal needs. Therefore, those who are wishing to partake the gold and jewelry are not considered valid 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 stated that “Their prime objective is in educating the consumers and merchants about their rights and duties, and as well as In spreading awareness over 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.”