New Delhi: Gold might have crossed the ten thousand mark, but jewellers in Delhi are openly selling gold for Rs 8,000. With the help of colourful ads cheap gold is selling like hot cakes.
CNN-IBN reports how consumers are being taken for a ride by the jewllers in Delhi.
The reputed jewellery shop in a posh South Delhi Lajpat Nagar market claims to sell 10 grams of gold for just Rs 8,490. This price is Rs 1,200 lower than the current market price for ornament gold.
Daily newspapers are flooded with colourful ads claiming to sell gold cheaper than the market rate. But all this seems too good to be true and here's why.
With Gold prices on a record high the sale of impure and cheap gold is on a high. But Rs 10,000 gold being sold for Rs 7,000-8,000 the consumers are completely unaware of the carat value as well as the purity of the gold they are buying.
Shopkeepers claim that they are doing nothing wrong. They say that costumers can return the jewellery if they are dissatisfied, to the same shop, but with a 10 per cent reduction in value. But some jewellers say that this could tie the customer down to one shop, hence has to be careful.
Pawan Gupta, MD, P P Jewellers, says, “The shopkeeper is at fault but customer is also at fault he has to be aware that it is possible that gold at Rs 10,000 is being sold at Rs 8,200.”
However, consumers say that they are never informed about the carat value of the gold they are buying.
According to the Bureau of Indian Standards, Indian consumers are losing a combined total of Rs 6,000 crore every year due to the sale of impure gold.
And now with gold prices going through the roof, that number could increase further.
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