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Saudi markets are expected to witness a gradual growth in the volume of investments in gold to exceed 20 percent to hit SR14 billion by the end of the current year, local media said quoting gold investors.
The projected investments will expand gold factories to roughly 300 which will feed the local markets with world-class gold products and jewelry, the dealers told Alsharq Al-Awsat daily.
Aiman Al-Haffar, CEO of L’azurde Jewelry, said decline of gold prices would have enormous impact on other major commodities. Therefore, companies and investors should have a pivotal role to play in keeping the strength and stability of the product thorough diversification of the product.
Based on the latest data released by the World Gold Council (WGC), demand on gold in the local markets is exceeding 55 tons, which is a good proof that the purchasing power on gold is not affected by marginal factors that are facing local markets such as low purchase levels by Haj and Umrah performers, he said.
Meanwhile, a number of global companies and exhibitors plan to attract Saudi companies working in gold business to join the biggest gold show in the Middle East in Dubai next April that will draw some 700 exhibitors from 40 countries, the paper said.
According to the experts, the Kingdom is seen as the biggest gold consuming market globally and the first at the level of Arab countries where it captures one-third of the Middle East’s total demand.
Gold market in ¶¶Òõ¶ÌÊÓƵ is currently estimated at SR9 billion whereas the number of gold and jewelry shops is reaching 6,000 spread across the Kingdom. Some 250 factories are supplying markets with a variety of gold works but their number is expected to grow to 300 by the end of the year.
Despite price fluctuations in gold markets globally, the Saudi markets witnessed stability but still with minor differences from one region to another, Amari Gold and Jewelry General Manager Abdullah Al-Amari said.
He said decline in gold prices has helped customers restore confidence to purchase more products and brought back correction to the market following exit of irregular shops and manipulators who were negatively affecting the gold trading transactions.