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Gold jeweler’s body to stop gold coin sales
Posted on: 16/Aug/2013 11:55:13 AM
Consumers are in a predicament over the sudden announcement by Indian gold jewelers body to stop gold coin sales at member outlets from July 1. Many of them are left wondering about the status of the gold savings scheme that they had invested in to accumulate gold coins for future use.
The All India Gems and Jewellery Trade Federation, which represents 90 percent of jewelers, had come out with an open call on Monday to its members seeking to stop selling gold bars and coins.
This has triggered a lot of speculation among consumers who had sunk in their money in the host of gold savings scheme that was unveiled during the recent crash of gold price in April.
Assuaging fears, president of the Madras Jewelers and Diamond Merchants’ Association Jayantilal Challani said, “Though we have asked our members to stop sales of coins by July 1, all the schemes will continue and consumers will get that promised quantity of gold, but may be in the form of jewelry of their choice".
However, this has caused a lot of concern among the public as they stand to lose out on making charges if it is in the form of jewelry while gold coin has hardly any wastage. But, a few other jewelers said that they would go with customer choice and honor their requests.
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