This has spurred a fast growth in the imitation gold market in the capital, especially in the summer vacation, the peak season of the year, according to a report in Al-Riyadh daily.

Speaking to the newspaper, many Saudi women have expressed their happiness that they can now possess ornaments of their choice at a cheaper rate.

Fawziya Hazazi said that she bought fake gold ornaments that cost very little comparing with gold ornaments. “These are quite affordable for low income people. We can wear them for wedding parties and other occasions,” she said.

Amani Hakami, another shopper, said that she bought a gold ring priced SR450 from a jewelry shop.

“When I approached the same shop the next day to sell it, the salesman told me that they can buy it only at a price of SR300,” she said.

Abdul Rahman Saeed and Abdul Razak Mutnak, both owners of shops which sell imitations, say that imitations are cheaper and are more affordable.

“Prices of a light set of ornaments range between SR45 and SR65 while a heavy set costs SR100 or more,” they said.