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The Ministry of Economy and Commerce (MEC) has issued some guidelines to help consumers make better choices when shopping for gold, jewellery and other precious metals and stones.
The move is part of MEC's Ramadan initiative to enhance consumer awareness. MEC advises people to visit more than one shop or outlet, compare prices, ask the seller to explain to them the component of the item on display, make sure of the authenticity of the precious stones, and take care to clean and polish the pieces of jewellery to be bought before weighing them.
Customers should ensure to buy jewellery in a special box for the items, review the shop or outlet's policy of return and exchange of defective items, warranty terms and condition, and ensure the warranty is written and not only verbal.
Starting from September 17, MEC asked shoppers to ensure that they get standardised jewellery, gold and other precious metals according to the stipulations set forth by the Ministry.
MEC said that gold is one of the most sought after precious metal worldwide and it also enjoys a growing demand due to its various uses. Demand on gold for investment purposes, in the shape of bars and coins, represented 20% of the total global demand on the metal in 2015, while jewellery and decoration items represented around 58% of such demand in the same period.
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