The initiative is part of the MEC’s efforts to protect the rights of consumers, including the right to have access to proper and complete information about the items they purchase, the ministry has said in a statement.
This is to be achieved by determining the responsibilities of a retailer or trader towards the buyer. Accordingly, a unified invoice model for the purchase of gold jewellery and precious metals has been put forth by the MEC.
In this regard, the MEC has asked all outlets selling gold, jewellery, precious metals and artifacts in the country, as well as similar shops, to abide by the regulations and stipulations of Law No 8 for 2008 on consumer protection. The initiative aims to benefit both customers and traders.
Under the provisions of Circular No 4 for 2016, a trader has to prominently display the prices and relevant data of the gold, jewellery, precious metals and artifacts on offer at an outlet. Gold prices, too, have to be constantly displayed on an electronic screen.
Consumers have to be properly informed about the different components of the items displayed - such as gold carats, type of precious stone and degree of purity, labour charge, etc - in a way that provides them with full knowledge of the item they want to buy.
A detailed invoice has to be handed over to the buyer, which will include information such as date and invoice number, name of the shop and other information about it, manner of payment, serial number of the items, description of the items, trademark, number of items sold, weight, carat, colour and degree of purity (for diamond jewellery), labour charge, price and weight of precious stones and diamonds, total price, and stamp of the shop and name and signature of the seller.
A trader is also obliged to give consumers a warranty on the sold pieces or items. This has to be in written form and verbal warranties are not allowed.
The terms and conditions of the warranty will be mentioned clearly by including the following information and terms: name of the commercial outlet and information of the supplier, duration of the warranty, date of purchase, name of the item, type and serial number, statement on whether the warranty covers all aspects of an item and charges for repair and replacement, a statement on the obligations of consumers in line with the terms of the warranty, and any other information included in the warranty agreement.
Before finalising a purchase, a consumer has to be informed about the shop’s policy on exchange and return in case a defect is detected. This will include information on the terms and conditions of exchange and return (submitting the purchase invoice, abiding by the instructions of usage and not causing damage to the item purchased) as well as the time-frame and procedures for exercising the right to exchange and return items.
The ministry had earlier conducted a study on the competitive status of the gold and jewellery sector in the country, the best regional and international practices and the applicable regulations. It also summoned companies active in the local market in order to work out a formula for regulatory decisions to enhance the efficiency of the local jewellery market and guarantee the rights of consumers in their transactions.
The MEC has given jewellery outlets in the country three months to comply with the guidelines with effect from today. It will resort to legal procedures against violators, if any, at the end of this period.
The MEC has asked all outlets selling gold, jewellery, precious metals and artifacts in the country, as well as similar shops, to abide by the regulations and stipulations of Law No 8 for 2008 on consumer protection.
The Ministry of Economy and Commerce (MEC) has issued circular detailing business regulations for gold and jewellery shops in the country.
