Less Saudization urged to retain glitter in gold

Updated 16 June 2014
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Less Saudization urged to retain glitter in gold

A study conducted by the Riyadh Chamber of Commerce and Industry has called for reducing the Saudization rate in the gold and jewelry sector from 100 to 50 percent to save the industry from further losses and protect the interest of investors.
The study expected a substantial increase in gold sales in the Riyadh region in coming months as a result of high standard of living and massive development projects.
Gold sales in the region rose by 79 percent, diamonds 62 percent and jewelry 24 percent.
“At present 3,243 employees are working in 302 jewelry shops in Riyadh with Saudis accounting for 43 percent,” the study said, adding that the industry is facing problems because of lack of skilled workers, high salary and five percent import tariff.
The study called for setting up special industrial cities for gold work, reducing import tariff, opening up of training institutes for Saudi men and women and extending more incentives to investors.
The Saudi gold and jewelry market is estimated at more than SR60 billion. Most of the nearly 10 million foreign pilgrims, who come for Haj and Umrah as well as other visitors purchase gold and jewelry from Saudi Arabia.
According to the World Gold Council, the Middle East recorded an increase in total consumer demand from 49 tons in Q2 of 2012 to 67.4 tons in Q2 of 2013, worth $3.065 billion.


Saudi ambassador to China: royal visit reflects friendly relations

Updated 41 min 41 sec ago
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Saudi ambassador to China: royal visit reflects friendly relations

  • The Crown Prince will head the Saudi side during the meetings
  • The states will sign agreements in fields of energy, transport, investment and technology

DUBAI: The Saudi Crown Prince’s visit to China reflects the depth of relations and strategic partnerships between the two countries in various fields, Saudi ambassador to the country said.

The Chinese leadership welcomed the Crown Prince on Thursday, ahead of meetings of the joint committee in Beijing, Turki bin Mohammed Al-Mady added.

Agreements and memorandums of understanding will be signed in the energy, investment, transport and technology sectors during the meeting, the ambassador said.