JEDDAH: Jeddah is home to a thriving local gold industry. Now it will be home to the world's largest gold factory.
"The factory will become a reality by the end of this year," Essam A. Aziz Sultani Al-Ashrafi, chief executive officer of Taiba for Gold & Jewels Co. Ltd., told Arab News on the sidelines of a news conference on Monday. The press meet was convened to announce the launch of the "Golden Plume Contest" for gold jewelry designers at the Jeddah Chamber of Commerce and Industry (JCCI).
The contest has been organized by the World Gold Council (WGC) in cooperation with the head of the Jeddah Jewelers Board, Taiba and the Khadija Bint Khowailid Businesswomen Center of the JCCI.
The factory, once operational, will employ 500 to 800 workers, thus creating jobs for young Saudis, Al-Ashrafi said, adding that this ambitious project is the brainchild of Taiba for Gold & Jewels.
He added that the factory is already under construction at Jeddah Industrial Estate-II, covering an area of 22,000 square meters.
The Kingdom has always led the Gulf and the Middle East in terms of gold and jewelry consumption and sales. He attributed this to the high quality of products that are sold and also manufactured locally.
"Factories here are able to produce high-quality products because of the high quality of technology that they employ," Al-Ashrafi said. "Gold is part of local culture and customs, especially at weddings. It's revered as being majestic, having timeless value, and is worthy of respect and saving."
Taiba has over 25 years of experience in the market and its products are well designed, Al-Ashrafi said. Over 2,500 shops distribute Taiba products across the Kingdom.
The organizers of the Golden Plume Contest said prizes in excess of SR60,000 would be distributed among the top four winners, with the first-place winner receiving SR20,000 in cash; the second SR15,000; the third SR10,000; and the fourth SR8,000. In addition, 24 golden guineas will be awarded to the finalists from five to 29.
The results will be announced at the JCCI in March.
The competition opens for contestants this month and will close in the second week of February, after which the panel of judges composed of a number of renowned gold jewelry artists and designers will meet to evaluate the competing entries.
"We're delighted to sponsor this event and funding the prizes. We believe this is a great way of finding the next generation of gifted gold jewelry designers in Saudi Arabia, both men and women. The competition represents a once-in-a-lifetime opportunity for talented people to create designs that celebrate gold's role in today's modern life while maintaining the spirit of its long heritage in Saudi society," Al-Ashrafi added.
Ali S. Batarfi Al-Kindi, general manager of Al-Kindi International Group, said: "The Kingdom is working to promote young Saudi boys and girls to engage in the gold industry. There is no doubt that Saudi nationals are in a position to better understand the taste of their citizens and better able to translate these ideas into designs and jewelry. We have contributed to and supported the Golden Plume Contest as part of our ongoing commitment to the gold sector and the social responsibility we believe in," Al-Kindi said.
Bisher A. Diab, WGC country manager, Saudi Arabia, said gold plays an important role as an asset. "Its role has increased from 30 to 40 percent as an important aspect of investment channels. The Golden Plume Contest will encourage the people of the Kingdom to become more involved in the country's gold market," Diab added.
© Arab News 2011
