Dubai to have standard gold prices in jewellery stores

In a major relief to tourists who want to buy gold in Dubai, the Department of Economic Development or DED, and the Dubai Gold & Jewellery Group, DGJG, are going to launch a centrally controlled system for displaying current standard gold prices in local currency terms in jewellery stores. 

As per information available with the local media, the Electronic Retail Jewellery Price Display Unit will be installed in 500 outlets during the first phase, which will later be extended to 1,000 outlets. The DED is quoted to have said that the prices will be updated in line with the prevailing international rates. It is reported that DGJG will provide the GSM technology and maintenance for one year, but subsequently participating retailers will be charged a basic service fee.