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New rule: Price tag on precious metals
DUBAI - Dubai Municipality has come up with a new regulation, according to which jewellery traders in Dubai will have to mention in price tags and purchase invoices specifications for diamond, other precious and semi-precious stones and pearl jewellery. The new guidelines are mandatory and have been sent to all jewellery stores in Dubai.
The document provides explanation and clarification on the use of tags/description card as mentioned in the earlier "Circular Issued to All Stores Selling Jewellery and Precious Stones in the Emirate of Dubai" dated August 23, 2003.
The guidance mentioned in the new document is being issued to help the jewellery shops comply with the circular, a top official from Dubai Gold and Jewellery Group said. Tawhid Abdullah, chairman of Dubai Gold and Jewellery Group, told this paper that Dubai Municipality had requested the traders dealing in diamonds, to specify in their invoices and price tags the clarity and colour of the stones, both loose or in jewellery pieces, along with the weight in carats and price.
As for other precious and semi-precious stones, traders will have to specify whether the stones are natural or synthetic, while in the case of pearls, they will have to clarify the variety (sea, fresh water or cultured). He said the traders have been already warned about the new initiative, which is currently being implemented and will be fully enforced soon, adding that this will help increase diamonds and pearls sales. Currently, diamonds account for some 25 per cent of the total gold and jewellery market in Dubai, while pearls have more than five per cent share.
He said Dubai Gold and Jewellery Group has been closely working with Dubai Municipality for the past two years to implement the new practice, which came into force last month. He said, "We submitted a proposal to Dubai Municipality on guidelines earlier this year."
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