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 Sujet du message: Dubai & canada short of gold ?
MessagePublié: 29 Oct 2008 18:09 
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Lisez aussi les commentaires en fin d'articles ... y'a un canadien qui raconte ... le Nevada & Vancouver

Dubai runs out of gold on Diwali rush
By Sunita Menon, Staff Reporter
Published: October 27, 2008, 23:36
Dubai: A massive rush at jewellery shops has led to a shortage of gold at some outlets, prompting some shopkeepers to overcharge customers, Gulf News has learnt.

Jewellers are seeing a huge rush of buyers as gold prices are currently at a two-year low.

Shopkeepers said the rush, a combined result of the Hindu festival of Diwali and lower prices. has resulted in a shortage of gold bars. But they denied any hoarding by outlets.

"There is enough gold available in the market and sales are at their peak over the last couple of days with the market falling drastically," jewellers said across the emirate.

Gulf News received complaints from readers who encountered jewellers charging more than the market price.

A buyer who asked not to be named said: "The price of gold prompted me to visit the Gold Souq in Sharjah. However, most retailers claimed they were sold out. Outlets where gold was available were openly overcharging. They said it was in short supply. The price of 24 carat stood at Dh88.75 but they were openly charging Dh92.50. This is clearly an unfair practice."

Shubash Golati, a buyer, said: "It is a tradition to buy gold during the four-day Indian festival of Diwali. I bought 22 carat jewellery worth Dh5,000. I wanted to buy a 100 gramme gold bar but was told that it is out of stock."

Shortage

H.R. Bafna, financial controller from Siroya Jewellers, said a physical shortage of gold is happening worldwide.

He said: "It is matter of physical delivery. It might take a day or two to replenish the stocks. But I am sure that there is no hoarding by jewellers because the market rate has dropped. This has resulted in a tremendous rush of buyers and so the gold bars are out of stock."

In reply to buyers' complaints that gold outlets are cashing in on the limited stocks and buyer rush, Bafna said: "There is a possibility, but I can't confirm this."

A counter salesman at the Joy Alukkas outlet in Bur Dubai said for the last couple of days there have been no fluctuations in gold prices.

He said: "From a customer's point of view this is an excellent time to buy."

He too denied any hoarding taking place. "If the demand for gold is high it is but obvious that some stocks will run out. Some retailers take advantage of this."

Did you visit a jewellery store to purchase gold recently? Was there a shortage? How has it affected your plans? Fill in the form bellow to send your comments.

Your comments

This is a lie, jewelers are just hiding their stocks because gold price level went down, and they just do not want to sell their stocks, that they bought at a higher price!!!! There is A LOT OF GOLD STOCKS secretly hidden in their safes, as soon as prices go up, we will all be surprised with a sudden flow of stocks again!
Lola
Dubai,UAE
Posted: October 28, 2008, 11:20

I really dont think so, actually, they do not want to sell us the gold coins, which most of us prefer, since making charges are not involved and hence, they do not benifit by the sale of these gold coins.
Ajay
DUBAI,UAE
Posted: October 28, 2008, 11:01

I visited gold shop at Meena Bazar in Dubai to buy gold; there is no shortage on ornaments but the designs are limited. Owners are making profit by escalating the making charges. Also, gold bars are either out of stock or made available after paying premium price. This is not good practice.
Sarika
Dubai,UAE
Posted: October 28, 2008, 10:46

Its true,in Deira Gold Suq they overcharged us by saying there is premium charge over gold bars, it varied in all the shops, but we still dont know what is ths premium charge.
FIROZ
dubai,uae
Posted: October 28, 2008, 10:23

Anyone that thinks it is "unfair" to charge a certain price for gold is misinformed. If you own gold, you should be able to sell it to another person at any rate you choose because it is your gold. I can sell my car at any price I choose, and you're welcome to purchase it or not. The real "market rate" for gold is simply an average of what people are paying, so if one dealer is selling above that average price then you, as a customer, are welcome to not shop there. This is called an open and free market.
Erik
Dubai,UAE
Posted: October 28, 2008, 09:33

I took my wife for buying gold jewellery on the 25th October 2008. The price of Gold in the international markets had dropped drastically that day. However, the drop was not at all reflected in the jewellery shops. The retailers have formed a cartel and controlling the price of Gold to exploit the festive season demand. Also, some of the jewellers were luring customers with competitive prices of gold but higher making charges. I think it is high time we take steps to retain the prestige of an honest gold market by curbing such mal-practices.
Puneet
Dubai,UAE
Posted: October 28, 2008, 09:28

I was recently in Las Vegas, Nevada, and was told that there was no gold available anywhere in Nevada. Upon my return to Vancouver, the Vancouver Bullion and Currency Exchange had a notice on their door indicating that they had no gold or silver products available. Clearly, there is a shortage in the world, and the price appears to be artificially depressed.
Gordon
vancouver,Canada

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 Sujet du message: Re: Dubai & canada short of gold ?
MessagePublié: 31 Oct 2008 00:06 
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"[...] Clearly, there is a shortage in the world, and the price appears to be artificially depressed.[..]"

Ils sont rigolos ces Nord Américains, le gars il va dans deux bleds paumés (bon d'accord c'est Las Vegas et Vancouver, mais c'est pas à coté de chez moi, donc c'est paumé...) il touve par d'or dans deux boutiques et il conclue que ça manque d'or dans le monde ...

Qu'il vienne à paris, je lui en trouve .... (avec 10 % de com, quand même c'est notre or !)

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