Case survey takes the shine off gold sales
Watchdog misunderstood 'usual trade practices', says trade body chief
Consumer confidence in the gold jewellery industry may have taken a hit following the release last week of findings that showed some jewellers engaged in "unfair" practices.
Some stores have reported a decline in sales of as much as 30 per cent since results of a Consumers Association of Singapore (Case) survey were made public.
Singapore Jewellers Association (SJA) president Ho Nai Chuen said: "Customers are hesitating before they buy because they think the industry will short-change them."
On Wednesday, Mr Ho, whose association represents more than 300 jewellery traders, held a press conference during which he said the consumer watchdog had misunderstood some usual trade practices. Mr Ho, who is managing director of On Cheong Jewellery, also sent a letter of clarification to Case yesterday.