First gold, jewelry lab gets license

Updated 30 June 2015

First gold, jewelry lab gets license

JEDDAH: The Ministry of Commerce and Industry has issued license to the first laboratory for gold and jewelry in Saudi Arabia, according to the National Committee of Precious Metals and Stones at the Saudi Council of Chambers.
Committee Chairman Karim Al-Anazi said the Ministry of Commerce and Industry has issued a license to the first gold and jewelry laboratory in the Kingdom, which is considered the second in the Arab world.
“The laboratory currently working in Riyadh city is considered an achievement for the Kingdom in general, and the workers and those who are interested in the jewelry sector in particular,” Al-Anazi told a meeting of the committee at the Makkah Chamber of Commerce and Industry on Thursday.
Laboratory Solitaire Director General Muhannad Al-Sudrani said the new laboratory would save travel to laboratories outside the Kingdom.
“The new laboratory will check diamonds and precious stones and metals, and will also allow exchange of information among all other laboratories across the world within a closed network, which will facilitate the process of obtaining quick and guaranteed information, which in turn will enable it to provide services with total professionalism and credibility.”
The jewelry checking at the lab would take only three to 10 minutes and would be accurate, he said, adding that the mobile lab could be sent to those who have large quantities of jewelries.
Muhammad Azouz, a national committee member, said a study has been made for the real need for investment in the industry of precious metals and stones in the Kingdom and submitted to the Saudi Arabian General Investment Authority (SAGIA).
"It speaks about the feasibility of the investment and that it should not be the target of the foreign investor just to convert business establishments and small workshops to investment facilities without providing any additional benefit for the industry except creating more burdens and risks," he said.
"As a sector, we need to bring in the development achieved by the developed world and countries specialized in the sector, and we submit to the SAGIA what is useful and beneficial to the national economy and the entrepreneurs in the field," he added.


India’s Reliance to push on with retail deal in battle with Amazon

Updated 44 min 32 sec ago

India’s Reliance to push on with retail deal in battle with Amazon

  • The row is the latest development in a prolonged battle for dominance in India between Reliance

MUMBAI: Indian conglomerate Reliance has dismissed Amazon’s push to delay its acquisition of domestic retail giant Future Group, despite an arbitration panel suspending the deal following objections by the US online titan.
The row is the latest development in a prolonged battle for dominance in India between Reliance, owned by Asia’s richest man Mukesh Ambani, and Amazon, whose founder Jeff Bezos is the world’s wealthiest person.
Amazon, which owned a stake in one of Future Group’s firms that reportedly included an option to buy into the flagship company, claims that the $3.4-billion Reliance deal, announced in August, amounted to a breach of contract.
After an arbitration panel ordered the deal to be put on hold following Amazon’s request, Reliance said late Sunday that it would nevertheless “enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.”
Reliance’s retail subsidiary RRVL said in a statement that it had followed “proper legal advice” before agreeing to buy Future Group, adding that the deal was “fully enforceable under Indian Law.”
Reliance, Amazon and Walmart-backed Flipkart have been locked in a frenzied contest for a share of India’s lucrative online market.
The acquisition of Future Group, which owns some of India’s best-known supermarket brands such as Big Bazaar, would strengthen Reliance’s presence in the hugely competitive e-commerce sector.
The arbitration panel has 90 days to give a final verdict on the Reliance-Future deal.