First ever Middle East diamond fair to be held

Published May 31st, 2001 - 02:00 GMT

Saudi Arabia will soon open the first Middle East Diamonds Fair. The Saudi Madad Company will organize the exhibition in cooperation with an American jewelry company, reported the Al-Bayan daily.  

 

According to the fair’s organizers, the third largest diamond in the world will be on display during the event, in addition to another 185 pure diamonds.  

 

The market of precious gems and metals in Saudi Arabia is a growing one. The Saudi Arabian Mining Company, specializing in precious metal manufacturing, has produced approximately 579,000 ounces of precious metal in a decade of activity from 1989.  

 

Production has been generating approximately 792 million Saudi riyals ($211 million) in revenue. The company plans to produce 150,000 ounces of gold by 2003. — (MENA Report)

© 2001 Mena Report (www.menareport.com)


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