| 29 Jul 2010 |
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Diamond jewelers pin hopes on Ramadan sales
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JEDDAH: Diamond jewelers in Jeddah are eagerly waiting for Ramadan which is the traditional busy period for them.
However, some jewelers are worried as Ramadan this year is coming in the middle of the summer vacation.
"We hope our prospective customers return from their vacation in time. Otherwise we will suffer big losses," said Ahmed Al-Baity, the owner of a chain of diamond shops in Jeddah.
Shola Commercial Center on Jeddah's Madinah Road, which hosts a number of big and small diamond jewelry shops, is presently deserted.
Al-Baity said this is usual for summer when Saudis as well as expatriates go on holiday abroad in large numbers.
According to him, 2010 has so far been dull for business. He attributed this to the abnormal rise in the price of gold, which has gone up by 40 percent over the past year.
He added that the diamond business is directly related to gold. "Buyers' trust in the market is shaken because of daily ups and down. Go to Kandara, and you will find more visitors than actual buyers," he said, referring to the famous gold market in downtown Jeddah.
To make up for the losses, Al-Baity opened in April a shop called Carat in the Shola Center. The shop caters mainly to Asian expatriates who make up a segment that is so far untapped, he said.
He claims Carat to be the only shop of its kind that sells diamond jewelry that suits the tastes of Indians, Pakistanis and other South Asian nationals.
Among other items, the shop also sells "mangal sootra" necklaces which are rare to find in the Saudi market.
Al-Baity said that since there is a considerable number of high income earning Hindus living in Saudi Arabia "we thought of attracting them as well."
He said diamond is generally associated with rich people. "But we have opened this shop with the slogan of making diamond affordable for everyone. And our experience is so far encouraging," he said.
By Shaheen Nazar
© Arab News 2010
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