The trip follows a number of major initiatives undertaken by the WGC in the Middle East over the past 16 years to support and further develop the region's gold market. Shishmanian was joined by Ajay Mitra, MD, Middle East, India and Turkey, and Saudi Arabia Country Manager Bisher Diab on a tour of Riyadh and Jeddah to visit the country's gold traders, committees and bodies, including a number of key government personnel focused on the economy and industry.

During the visit, Shishmanian, Mitra and Diab met officials of the Riyadh Chamber of Commerce & Industry (RCCI) and discussed the challenges facing the gold market in the Kingdom, as well as the opportunities for development and expansion. Some of the points discussed included developing local expertise in the gold industry through training programs, cooperation on plans to increase consumer awareness and building on current marketing and merchandising standards.

Shishmanian said, "While jewelry demand in the region remains strong, there are a number of opportunities to protect and grow further gold demand. Traditional sources of demand such as weddings and key festivals remain integral to the industry, however for a growing proportion of the population importance is being placed on product excellence and merchandising standards, to which the industry needs to respond. Further, as the impact from the global financial crisis continues to linger, investors are increasingly making gold part of their portfolios to diversify their exposure to other assets and protect their wealth. We expect investment demand to grow significantly in this region, but better gold investment products and solutions need to be readily available."

Shishmanian visited the RCCI, the National Committee for Precious Metals and Stones, the Taiba Gold Market and Hijab Gold Souk in Riyadh. In Jeddah, he visited the Al-Yamama Commercial and Gold Centre, the Jeddah Chamber of Commerce and Industry and some key gold and jewelry traders.

Saudi Arabia is the world's fourth largest gold consumer market after India, China and the United States.