MANAMA, 15 November 2007 — With an estimated $7.2 billion gold and jewelry sales per year, Saudi Arabia has emerged as one of the most attractive destinations for exhibitions in this highly specialized segment of the economy, an organizer of one of the biggest shows said yesterday.
Waseem Ezzo, CEO of Kuwait-based Midway for Fairs and Conferences Company, on the sidelines of Jewelry Arabia 2007, said: “The gold and jewelry markets in the Arabian Gulf region is considered as one of the rapidly growing markets in the world due to the huge purchasing power and unprecedented volume of trade in such commodities in the region, particularly in the Kingdom of Saudi Arabia.”
Talking about the start of marketing of upcoming two international gold and jewelry exhibitions in Saudi Arabia in February next year, he said that Saudi market alone consumes 70 percent of the total diamond consumption in the region.
The second gold and jewelry exhibition would be held at Prince Sultan Grand Hall at Al- Faisaliyah Hotel in Riyadh on Feb. 20-23, 2008.
The third gold and jewelry exhibition will be held at Jeddah Hilton Hotel on Feb. 26-29, 2008.
“The gold and jewelry market in Saudi Arabia is considered the largest, not only in the Gulf region but in the entire Middle East region. Out of total $7.2 billion annual trade of gold and jewelry, 80 percent are imported and the rest locally produced.”
Waseem said that the rise in the volume of trade in gold and jewelry in Saudi Arabia is basically related to the decision taken this year by the concerned authorities to reduce the customs tariff on the imports of gold and jewelry from 12 to 5 percent.
AlAGAT Company signed a memorandum of understanding with Midway for Fairs (Kuwaiti Company), authorizing the latter as an exclusive agent for marketing both exhibitions.
