Dubai will soon become the first jewellery destination in the world to have a centrally controlled system for displaying current standard gold prices in local currency terms in jewellery stores, say reports in the local media.

The system, which will display uniform prices across outlets, is being launched by the Department of Economic Development (DED) in Dubai and the Dubai Gold & Jewellery Group (DGJG). The two organisations are reported to have said that the electronic display units will promote standardisation and transparency, and will be of particular help to tourist shoppers.

According to the report, the Electronic Retail Jewellery Price Display Unit will be installed in 500 outlets during the first phase, which will later be extended to 1,000 outlets. The DED is quoted to have said that the prices will be updated in line with the prevailing international rates. The system will run on GSM technology and will have options of 10-inch or 22-inch display screens. It is reported that DGJG will provide the GSM technology and maintenance for one year, but subsequently participating retailers will be charged a basic service fee.

DGJG has already been announcing a ‘Suggested Retail Price’ which includes a small mark up over the international prices.  This is updated four times a day, the reports said.