Diamonds are forever?! Inshallah, says KSA after Riyadh captures seven percent of global trade
Saudi Arabia captures approximately one-fifth (or $5 billion) of the global diamond trade (Shutterstock)
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Saudi jewelry shows have become prominent platforms at the level of the Middle East to showcase the Saudi position (7 percent) thanks to its high purchasing power, Marwan Haddad, a jewelry expert, said speaking at the conclusion of a jewelry event in Riyadh.
Mohamed Al Kuwhaji, another expert, called on the concerned bodies to show more flexibility in attracting international expertise taking into consideration that Saudi market enjoys enormous investment potentials where it receives more than 8 million visitors annually Haj and Umrah pilgrimages.
He said most of the investors have turned to diamonds due to convergence of prices. However, prices fall of gold by 25 percent in the last year came to serve the interests of both buyers and sellers, he said.
He expected that jewelry sales would increase during year-end school vacation by 20 percent, which comes simultaneously with Ramadan, wedding parties and Eid Al Fitr festivities.
Meanwhile, Haya Al Sunaidi, the CEO of Sunaidi Expo, which is the organizer of the jewelry event, said the exhibition will shift to Jeddah next Tuesday and run for four days.
Some 70 exhibitors will showcase their products at the event. Exhibitors will represent a number of countries, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, Lebanon, Britain, France, Switzerland, Italy, and India, she said.
According to the CEO of Sunaidi Expo, the value of jewelry to be showcased in the exhibition is estimated at more than SR500 million.
According to an earlier report, Saudi Arabia has captured 20 percent of the global trade and business in precious stones.
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