DAMMAM: A number of investors in gold and jewelry have called for the establishment of data centers in malls and shopping centers that help jewelers to examine precious stones and maintain detailed records on them. They told local daily Al-Eqtisadiah that such a step would help in cases where the stones were stolen or forged.
The investors said they themselves and a number of traders and consumers might face a real dilemma when it comes to proving the originality of the precious stone, its rarity and real worth. They noted that many customers would buy the precious stones based on their confidence in the name and reputation of the seller, especially in the absence of special labs to check whether the precious stones were genuine.
"Unlike Bahrain, Kuwait and the United Arab Emirates, Saudi Arabia lacks special labs to check diamonds and jewels," said Muhammad Al-Nimir, CEO of Areej Jewels. He said there are specialized companies in the UAE that give international certificates for every precious stone.
"Before we called for the establishment of specialized labs, we asked the Chamber of Commerce and Industry in the Eastern Province to set up data centers in malls or shopping centers with gold and jewelry shops to record information about every piece, including details such as its origin, seller and buyer," he said. Al-Nimir said such a move would protect both traders and buyers from falling prey to forgeries. "Some collectors buy out of their confidence in the place while others insist on examining them at accredited centers," he added.
He pointed out that there were international institutes in Europe and America teaching people how to examine precious stones and work out their prices according to international standards.
© Arab News 2012
