Jewelry shop syndicate warns of fake discounts on gold prices

AMMAN — The General Syndicate of Owners of Trade and Jewelry Shops is warning citizens against buying gold jewelry from online stores for fear of falling prey to e-fraud. 

“There are many online stores on social media platforms which publicise fake discounts on gold jewelry items,” Akram Al Shihab, a member of the syndicate, told The Jordan Times. 

He noted that the syndicate receives many complaints on this matter from both jewellers and customers. 

“Whenever we come across an online page that does this, or receive a complaint from a customer, we inform the authorities, and encourage the injured parties to report the incident to the Cybercrime Unit,” added Shihab. 

He also stressed that departments concerned with consumer protection at the Ministry of Industry and Trade must follow up on the matter, and take the necessary measures to protect citizens from this type of fraud and manipulation.

Moreover, he pointed out that prices of gold cannot be subject to seasonal discounts and offers, as they are influenced and determined by several external factors, which include global supply and demand, production volume, inflation and currency value. 

As of Monday evening, one gramme of 21 karat gold was being sold for JD34.30 and bought for JD32.80, while one gramme of 18 karat gold was sold for JD30.60 and bought for JD27.60, according to Shihab. 

He noted that the syndicate updates the prices of gold on its official Facebook page, and also circulates the information among jewelry shop owners every morning.

Shihab also advised citizens to always check the syndicate’s page before buying gold, as prices can sometimes fluctuate during the day.

“Buyers must also request an official invoice, showing all the necessary information about the gold item, including its weight, price per gramme and making charges,” he added, noting that this process safeguards the rights of both jewellers and customers.

He pointed out that the summer wedding season typically records the highest demand for gold, which Jordanians purchase for saving and investment purposes, predominantly.

According to Shihab, there are currently around 850 jewelry shops distributed across the Kingdom.