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Clad in his signature style with his black bowler hat on, the 88-year-old actor was all smiles as shutterbugs clicked him at a polling booth in Juhu's Jamnabai Narsee School in Mumbai
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Shortage of bars as lower prices spur gold demand
Customers feel it difficult to find different varieties of gold bars in the market as traders refuse to sell the bars on lower rates.
A number of consumers have complained that gold stores and jewellery shops are taking undue advantage of price fall and charging higher premiums on gold bars and manufacturing charges on jewellery.
Demand for different varieties of gold bars has been increased due to the declining prices in local and international markets.
Gold traders are also reluctant to sell bars amid fear of losses as they had purchased the stocks on higher rates.
They also hold the stocks and plans to sell when the prices rise again, according to executives at companies dealing in the trade of gold and jewellery.
Meanwhile, Dubai Gold and Jewellery Group said some shops are facing the shortage of Swiss variety of gold bars, which are popular among customers.
“I visited number of jewellery shops in past two weeks to buy gold bars, but I did not find them at any shop,” Hamid Anwar, a consumer, said.
Anwar said he paid manufacturing charges of Dh200 on jewellery purchase, almost the double he had paid before gold price slumped.
Other consumers also complained that many traders stopped selling the gold bars. Traders said the huge demand has resulted in the shortage of the gold bars.
Omar Bu Shehab, CEO for commercial control sector and consumer protection at Dubai Economic Development Department, said: “The gold bars were not available in the market due to higher demand. We do not accuse anybody of refraining from selling unless we inspect the sales and purchase record of gold shops.”
“In case of complaint, we are ready to investigate to find out whether there was any exploitation or not.”
About the complain of charging higher manufacturing rates, Adel Al Murr, senior manager of consumer awareness at the department, said it is difficult to measure or define the value of gold manufacturing, but competition lessen the opportunities of exploiting the consumer.
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