03/08/2016
08/03/2016
In an
extensive report for the magazine Economy
economy
Magazine the of Asharqia Chamber has reported that the Saudi gold market is
still maintaining its unique location between the Arab and international
markets, despite the relative decline in the movement of the market over the
past months
The
magazine quoted in the latest eddition for the month of July 2016 to documented
informations released by the World Gold Council, the studies documented a
number of specialized agencies concerned locally, saying that, despite the
large consumption of gold jewelry in Saudi Arabia exceeding the value of its
imports to more than 10 billion riyals, but the market declined in the amount of consumption
from fourth to between the sixth and seventh, for the high customs duties and stopping
reexporting.
Based
on the data of a field tour performed by
the magazine in the gold market in the Kingdom, the gold jewelery sales have
dropped by 20% during the current year, to decline in the want for the gold as a result of rising of
several financial obligations to the citizens and residents, which led to a decline
in customers rate and dropped purchases as
a result of rising costs of traders by 40-50%.
One
the other hand said the magazine by
multiple sources of data that the gold market is still maintaining its strength
and its location between the local and international markets, since it exceeds more
than 33 billion riyals, while the number of gold shops 6 thousand shop, is also investing in gold surpassing
earlier this year, 14 billion riyals, and gold sales exceeded 2015 more than 25
billion riyals, while the demand in the Saudi market exceeded 55 tons, and still the Saudi gold market of the largest
markets in the world in terms of consumption, and the
first as Arab, and is the main motive
of the gold trade in the
Arab region, as it accounts for 30% of the amount of the gold jewelry market in the
Middle East,
the
magazine refers that to the fact that
the investment in gold is an old tradition and deeply rooted in the mind and the
culture of the Saudi woman as she prefer
to invest in it rather than investing in anything else the arab woman linked to gold
in the stages and events of her life, it is the first to hang in her ears ,
and a child on her wrist, and on her neck as a bride, her relationship with gold extending in all stages of their
lives and the glamor presented in gifts
Gold
is also associated to Saudi women with
time of happiness, it is a safe shelter in economic crises, lots of women paid their gold to build a house
and another to repay debt and for sons
marriage, gold is present in happiness
and a refuge in crisis, it has become a
saying "gold is a beauty and safety" is a real translation to
most of Saudi women culture, for the most Saudi women prefer artifacts of pure gold
on other jewelry from Alma and Sapphire to maintain its
value.
