MJDMA demands abolition of on-line gold trade
Chennai, Feb 15 (UNI) The Madras Jewellers and Diamond Merchants Association (MJDMA) today said the on-line trading of gold will lead to price fluctuations, affecting the business and demanded its abolition.
Talking to newspersons in connection with the third Gem and Jewellery India International Exhibition to be held here from March two to five, President MJDMA L K S Syed Ahmed said the price fluctuations had seriously affected the business growth.
"We are not happy with Centre allowing online trading of gold, which posed serious problems to the industry. The consumers would not mind paying higher price, but they feel the price must be stable. Price fluctuations disturb the minds of the consumers and ultimately affect the business," he said.
He said the Association had written to the Union Finance Minister, stressing the need to abolish online trading of gold, but there was no response so far.
He said the gold price, which was once depended on oil prices and US dollar value, would no more react to the oil prices. Online trading of gold had become the main factor for price fluctuations now, he added.
Mr Ahmed said the proposed exhibition, supported by world's leading three bodies, World Gold Council, Diamond Trading Corporation and Platinum Guild International, would be a complete jewellery show, brought to the doorstep of the South Indian retailers.
More than 150 jewellery manufacturers and 12,000 retailers from various parts of the country were expected to participate in the show, he said.
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