As there are silent whispers of one nation, one rate scheme reportedly being launched in India for gold prices, jewellers say that the yellow metal will get cheaper. Sources from the jewellery industry confirmed that leading jewellers from across the nation have given their consent in this regard and an official announcement will be made in this reference somewhere in September.
Speaking to EBNW, leading jeweller Sanjay Kala, who has been ex-president of Jewellery Association of Jaipur said that the customers will definitely benefit out of this announcement and the market hence will become strong, he added.
Another leading jeweller, Ajay Jain confirmed to EBNW that the new initiative will prove good for customers as well as the industry. Customers will get confidence in buying the yellow metal from the market if there is one price across the nation, he added.
Meanwhile, another leading jeweller, Sushil Parwani from Nand Kishore Meghraj Jewels raised his doubt for its implementation and said that this discussion has been going on since years but has never been implemented.
If it is done, it will be good, however, loads of challenges are there in its ground implementation. There are jewellers in Jaipur who will cut off the price to win over their competitor. If Gold is available at Rs 70000 per 10 grams, he will sell it for Rs 69000 to win over the customer.
Now if this is the competition in Jaipur, imagine how it will get implemented across the nation. The officials associated with this task are talking big but have never implemented it, he added. Meanwhile, sources said that the central government has set up a scheme to launch a national bullion exchange under a one nation, one rate scheme. This exchange will set gold rates and jewellers from across the nation will have to sell gold at the same price.