JEDDAH: Locally and imported products of gold are on display in 30 stands at the Saudi Exhibition for Gold and Jewelry at Jeddah International Exhibition Center here.

The event, which started on Saturday, was officially opened by Saleh Al-Turki, chairman of the Council Saudi Chamber of Commerce and Industry. Families are visiting the exhibition in the hope of availing special offers and discounts that are being offered in this exhibition, especially when the price of gold is relatively high compared to few years ago.

Apart from the bargain hunters, many hope to see the latest designs in both locally made and imported gold. Products from Bahrain, India, Italy and the UAE are on display.

Though some stands were still in the process of setting up on the second day of the exhibition, the sales, according to Bisher Diab, World Gold Council’s GM of Saudi Market and Gulf consultant, were brisk with the sellers enjoying the profit they make during this exhibition.

In response to a question regarding the security features to protect these products which are worth tens of millions. Diab also said that a security company is on duty at the location to protect these products. He added that the company has high security features.

He said the attempt to turn Jeddah into “Gate of Gold” is blessed with the cooperation of the Jeddah Chamber of Commerce and Industry (JCCI) and the Saudi Commission for Tourism and Antiquities. “Their aim is to initiate a huge project to localize gold and jewelry designs. They have been working on this project for five years now in cooperation with JCCI officials. The establishment of an Arab Academy for gold and jewelry-making is also on the cards,” he added.

Ali Al-Wali from Daimont Corner Jewelers, who has a stand at the exhibition, expressed satisfaction at the flow of people. Al-Wali, who has come from Riyadh, says his shop specializes in jewel-crusted watches and hopes to market his goods through this exhibition.

The gold market in the Kingdom is considered one of the most active markets in the world. The Kingdom’s estimated spending on gold during the year 2007 was $3.7 billion. The exhibition is opened to the public from 5:00 p.m. until 11:00 p.m. till 18 July.