Saudi Arabia, with an estimated size of $7.2 billion in gold and jewellery per year, has emerged as one of the most attractive destinations for exhibitions in this highly specialsied segment of the regional economies, an organiser of one of the biggest shows said yesterday.

The CEO of Kuwait-based Midway for Fairs and Conferences Company, Waseem Ezzo on the sidelines of Jewellery Arabia 2007, said: "The gold and jewellery markets in the Arabian gulf region is considered as one of the rapidly growing markets in the world due to the huge purchasing power and unprecedented volume of trade in such commodities in the region and particularly in the Kingdom of Saudi Arabia."

Talking about the start of marketing of upcoming two international gold and jewellery exhibitions in Saudi Arabia in February next year he said that Saudi market alone consumed 70 per cent of the total diamond consumption in the region.

"Both , the city of Riyadh and the City of Jeddah in the Kingdom of Saudi Arabia are preparing to organise the second and third exhibitions for gold and jewellery with the participation of the prominent companies and traders of gold , diamond and precious works in the region and from all over the world. "The gold and jewellery market in Saudi Arabia is considered the largest, not only in the Gulf region but in the entire Middle East region. Out of total $7.2 billion annual trade of gold and jewellery volume is made up of 80 per cent based on imports and 20 per cent is locally produced, making it one of the hottest attractions of such business."

Waseem said that the rise in the volume of trade in gold and jewellery in Saudi Arabia was basically related to the decision taken some time this year by the concerned authorities to reduce the customs tariff on the imports of gold and jewellery from 12 to 5 per cent.

With regard to the second and third gold and jewellery exhibition, Waseem said that the second gold and jewellery exhibition would be held at Prince Sultan Grand Hall at Al Faisaliyah Hotel in Riyadh city from 20 to 23 February 2008.

The third gold and jewellery exhibition will be held at Jeddah Hilton Hotel in Jeddah from 26 to 29 February 2008.

He pointed out that the first international exhibition for gold and jewellery witnessed a huge participation by the gold traders and manufacturers from the regional countries and all over the world including Kuwait.

AlAGAT Company signed a memorandum of understanding with Midway for Fairs (Kuwaiti Company), authorising the latter as an exclusive agent for marketing both exhibitions.

By Mahmood Rafique Business Correspondent

© Bahrain Tribune 2007

 

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