Bangkok: Thai gold shops have received a vote of confidence as a delegation led by Ms. Supamas Isarabhakdi, Minister attached to the Prime Minister's Office and overseer of the Consumer Protection Board (CPB), inspected the Yaowarat area to guarantee "good quality and standard gold."
According to Thai News Agency, this initiative was prompted by fluctuating gold prices due to the conflict in the Middle East, alongside consumer complaints concerning misrepresentations in gold trading, scams, and fraudulent gold savings schemes. The inspection was part of the "Project to Promote Standards for Thai Gold Jewelry Wholesalers," which aims to build public confidence in the quality and legal labeling of gold jewelry. Ms. Supamas was accompanied by Mr. Ronnarong Poolpipat, Secretary-General of the CPB; Mr. Jitti Tangsitphakdi, President of the Gold Traders Association; and Mr. Sumet Prasongpongchai, Director of the Gem and Jewelry Institute of Thailand (Public Organization).
The project focuses on elevating Thai gold jewelry standards, ensuring that the weight, gold purity, product labeling, and quality control processes meet international benchmarks. Samples of gold jewelry will be collected for detailed testing to ensure compliance with the project's standards.
The visit was necessitated by the ongoing Middle Eastern conflict, which has led to significant fluctuations in gold prices, with up to 20 adjustments in recent days. Prime Minister and Minister of Interior Anutin Charnvirakul voiced concerns for citizens involved in gold transactions, both physically and online, and emphasized the need to restore consumer confidence. Relevant agencies were directed to inspect the gold shops directly to verify that the gold sold is genuine and has passed transparent verification processes.
Ms. Supamas also mentioned that the CPB is actively working to protect consumers from various issues, including flight cancellations, fraudulent tours, online purchase discrepancies, and improperly labeled electric vehicles. The CPB is investigating these cases and will continue to conduct follow-up visits. Consumers facing issues with purchased goods and services can reach out to the CPB hotline at 1166 or through the OCPB Connect application.