New gold jewellery resale rule leaves Doha traders worried

According to the proposed regulations, jewellery shops are expected to consider gemstones used in gold jewellery as gold when customers resell used ornaments.
: IJ News Service
04 July 2016 12:27 PM
Reference: 7040

In its bid to introduce regulation for the sale of gold and jewellery, the Ministry of Economy and Commerce, Doha has reportedly issued new sales invoice for gold jewellery shops to protect the rights of customers. The reports say that the Consumer Protection Department (CPD) of Doha which works under the Ministry of Economy and Commerce met with representatives of gold shops in the country and circulated among them a draft copy of the new invoice explaining the fresh regulations. According to the proposed regulations, jewellery shops are expected to consider gemstones used in gold jewellery as gold when customers resell used ornaments. At the meeting, shop owners reportedly expressed concern over this proposal. CPD gave traders a sample of new sales invoice with full details including date, invoice number, names of the shop and buyer, means of payment, number of items, specifications, trademark, number of pieces, weight, carat, colour, making charge, total amount paid and seal and signature of the seller. The reports further add that at the meeting, the CPD officials wanted the shop owners to consider gemstones used in gold jewellery as gold when customers resell old jewellery to gold shops. However, according to the shop owners it is not reasonable because they buy gemstones from manufactures at the rate of gold and sell it as it is. But when old jewellery is sold to manufactures and factories they did not count gemstones as gold. The shop owners expect the authorities to reconsider the proposal to consider gemstones as gold during the resale. Source: The Penninsula

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