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Laws relating to the gold sale for the fair practice of gold shop operators, which have been in effect since April 20, 2022, clause 3 states that
Fairtrade practices between consumers and gold shop operators. The ‘fair price’ is (c) the shop owners must clearly state the details of the selling price or repurchase price in the visible area at the rate specified by the notification, not lower than the price shown at the storefront. It can be calculated from the following formula:
According to the announcement, if the repurchase price of gold bars is 1 baht as announced by the Gold Trader Association = 41,300 baht, 5% of 41,300 = 2,065 baht. If we sell gold jewelry value of 1 baht, we must earn at least 41,300 – 2,065 (5% of 41,300) = 39,235.
Gold shop operators who buy gold at a lower price than the announcement, consumers should not sell gold to that store because it is unfair to consumers.
If there is any shop that repurchases the gold lower than specified, the old shop operators may be at fault under the Price and Service Act 1999, where criminal penalties are imposed under section 37, any person who violates the notice of the Board of Directors under section 25 (1) shall be punished by imprisonment for not more than 5 years or a fine of not more than 100,000 baht or both.
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