Srinagar, May 7: The Kashmir Gold Dealers and Workers’ Association (GDWA) today made a startling revelation saying that gold coins in the Valley were being sold at “exorbitantly higher prices.”
 General Secretary GDWA, Bashir Ahmad told Greater Kashmir that “against the rate of Rs 17,600, the gold pound is being sold in the Valley at Rs 20,300.”
 He alleged that some unscrupulous outside dealers in connivance with some local agents were pumping the gold coins in the Valley at exorbitant rates.
 “These dealers bring in the coins and sell them through their agents to the retailers at much higher prices. The retailers have later no option but to sell them at even higher prices,” he said.
 He said a gold coin weighed 8 grams. “If you calculate the value of the gold, carriage, tax, margin of the retailer and other miscellaneous expenditures, it will not come more than Rs 17600 but it is being sold in the market at present at more than Rs 20,500.”
 He said the association had appealed all its members not to purchase the gold coins from these unscrupulous dealers.
 Bashir said the association had also cautioned these dealers that if they did not stop the practice, “we will disclose their names as also the names of their agents in the Valley.”
 When asked why the association had not approached the government for the needful, he responded: “We have already approached the police and apprised them about this practice.”
 President GDWA Purshotam told Greater Kashmir on phone that the dealers had sometime before held a meeting with the CAPD in this connection.
 Director Consumers Affairs and Public Distribution Department (CAPD), Waheed Ahmad Tak said the Department had asked the retailers to display rate list in their shops.  “We also directed all the retailers to display registration certificate of the GDWA in their shops,” he said.
 However, Tak said it was very difficult for the department to regulate the rates of the gold. “The gold rate fluctuates every minute and every hour taking cues from the stock market, so we cannot regulate the rate.”
 However, when asked about the specific complaint of the association against outside dealers, he said: “If any consumer or retailer or the association approaches us with such a complaint we definitely will take action against the culprit.”

Lastupdate on : Sat, 7 May 2011 21:30:00 Makkah time
Lastupdate on : Sat, 7 May 2011 18:30:00 GMT
Lastupdate on : Sun, 8 May 2011 00:00:00 IST