Beware of Online Gold: Bahraini Jewelers Warn of Rising Scams

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

A wave of concern is rippling through Bahrain's jewelry industry as local jewelers warn customers about the dangers of buying gold online. While the glittering allure of online deals may be tempting, experts say that purchasing precious metal without proper inspection can lead to costly disappointment.

"The most common scams happen online," says Abdullah Al Shehabi, owner of "Set Al Habayeb" jewelry store. "Customers can't physically examine the pieces, leaving them vulnerable to fraud." Al Shehabi stressed the importance of buying from reputable stores with a proven track record, as they are more likely to prioritise quality and authenticity.

He advised customers to carefully scrutinise the gold pieces for hallmarks, the official stamps that indicate purity. "Each piece should have a clear hallmark, like 18 karat or 22 karat, showing the gold's purity," he explained. "Customers should also ask for a purity test in the store, using specialised tools to verify the gold's composition."

Al Shehabi also stressed the importance of monitoring daily gold prices before making a purchase. "If the price is significantly lower than the market rate, it could be a red flag," he cautioned. He urged customers to always request a detailed invoice outlining the gold's karat, weight, and price, serving as a guarantee in case of any disputes.

Najeeb Al Hayki, owner of "Mayar Jewelry," confirmed that while they have encountered some instances of fraud involving small gold pieces, they haven't seen any issues with larger gold bars. He attributed this to the strict regulations and surveillance in place within Bahrain. Al Hayki underscored the importance of buying from authorised stores with official municipality seals. He advised customers to prioritise established Bahraini jewelers known for their reputation and customer trust.

Meanwhile, Abdulkareem Al Shehabi, owner of "Al Murtaja Jewelry," echoed the sentiment, stating that all jewelry stores in Bahrain adhere to strict regulations ensuring the quality of gold sold. "Gold circulating in the Bahraini market undergoes official stamping by the Ministry of Industry and Commerce, safeguarding consumers from potential fraud," he pointed out. He asserted that the incidence of gold fraud in Bahrain is negligible due to strict regulations and constant market monitoring. He advised customers to purchase gold from certified Bahraini stores, regardless of whether they seek crafted pieces or gold bars.

"All commercial establishments adhere to regulations that protect consumer rights and safeguard them from any fraudulent activities," he assured. "Bahrain is a country where you can confidently buy gold."