Dubai Gold and Jewellery Group Welcomes Proposed Monitoring and Regulation

The Dubai Gold and Jewellery Group, a trade group for the Dubai jewelry industry, has said that it would welcome government monitoring and regulation of gold, which has been proposed for introduction in 2011.

Chandu Siroya, a gold wholesaler and vice chairman of the Dubai Gold and Jewellery Group said, "Any government monitoring would only go to further strengthen the trust people from across the world have in gold retailers in the UAE. Dubai's jewelry is highly rated because of its quality, as we meet and often exceed international standards and stringent checks by local government. As traders who not only sell but buy on the same scales, it is in our interests to maintain the highest levels of accuracy."

Ajay Mitra, managing director of the World Gold Council in India, the Middle East and Turkey said, "Dubai's gold retailers stringently follow the standards set by Dubai Central Laboratory, an integral part of Dubai Municipality, and are committed to ensuring consumers are presented with the best possible products and services. The retail trade would welcome official monitoring in order to strengthen regional industry standards further for the benefit of the consumer."