Gold and jewelry dealers in Jeddah anticipate a substantial recovery in the local gold and jewelry markets during the upcoming Jeddah Summer Festival, according to Al-Watan daily. Market sources estimate the current per kilogram price of gold at 33,000 Saudi riyals ($8,000), approximately the same price recorded at the beginning of 2001.
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.
With a population of 20 million, the Kingdom’s gold consumption in 1999 was 199.4 tons. Only China, India and America surpassed this figure. Approximately three thousandths (0.33 percent) of the world’s population lives in Saudi Arabia, while it consumes six percent of the world’s gold. ― (MENA Report)
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