RIYADH, 26 October 2005 — A major international gold and jewelry exhibition, the first of its kind hosted by the Kingdom after a gap of 20 years, was inaugurated here Tuesday night with great fanfare.
Some 50 exhibitors representing Saudi Arabia and 10 other countries are participating in this exhibition, which features the charm of this yellow metal in the forms of valuable diamond, crystal and stone ornaments.
“This is an important exhibition for Saudi Arabia, which has emerged as a competitive world center for gold trade and for the local manufacturing and designing of gold and diamond jewelry,” said Osama Kurdi, a Shoura Council member, while speaking during the inaugural ceremony. A press conference organized on this occasion was addressed by Abdulrahman Al-Jeraisy, president of the Riyadh Chamber of Commerce and Industry (RCCI).
The press briefing at the local Al-Faisaliah Hotel was also attended by Usama Alwazir, Gulf manager of World Gold Council and Suleiman Al-Othaim, head of Al-Othaim Jewelry Co. besides a number of local and foreign businessmen. Many questions related to the smuggling of gold, rising gold prices, problems faced by international exhibitors at the Saudi airports and possibility of women employment in gold and jewelry sector were answered during the press conference.
Referring to this first international gold and jewelry expo, Kurdi said that “it was an important event and I was delighted to see that some 10 countries were participating with a large number of valuable exhibits.” Kurdi said that the exhibition next year would be a bigger one. He said that this expo has its own significance as it is emerging as a major sector for women employment in Saudi Arabia, where gold consumption in terms of tonnage has reported a sharp increase.
Asked about the trends of the gold market, Alwazir said that the Gulf gold market including Saudi market is growing.
“Gold and jewelry sales are increasing across Saudi Arabia,” said Alwazir adding that demand for gold increased by 28 percent and jewelry by 18 percent in the second quarter of 2005 compared to the same period in 2004.
He, however, said that official measures including the problems because of stringent customs duty rules are still hampering the business.
