Khaberni - Special
Citizens complained about an increase in the price difference between the buying and selling prices of gold, while the Union of Jewelry and Jewelery Shop Owners clarified the reason.
Citizen Adnan Muhammad Khair told "Khaberni" that the General Union of Jewelry and Jewelery Shop Owners increases the price difference between buying and selling without accountability or clear standards and criteria.
He explained that the union increases the price difference between buying and selling as the price of gold rises, in order to protect the gold shop owners at the expense of the citizens, indicating that previously the difference was much less, but it has increased with rising prices.
The head of the General Union of Jewelry and Jewelery Shop Owners, Rabhi Allaan, responded via "Khaberni", stating that when gold is bought, it is subject to import costs, commissions, hallmarking by the Standards and Metrology Institution, and miscellaneous fees.
He continued that the difference becomes more apparent as it rises because the demand for gold is still high in addition to the rise in commissions, pointing out that the Swiss ounce has an additional cost of $150 over the global price from the country of origin, and that worked goods have additional costs and fees.
Allaan clarified that when a citizen buys a piece of gold, its price includes manufacturing fees, hallmark by the Standards and Metrology Institution, raw material cost, and merchant’s profit, whereas when it is sold, it is based on the fact that it is a bullion and needs to be reworked.
