JEDDAH: The World Gold Council (WGC) has said that although gold and jewelry sales had been affected worldwide due to the global financial crisis, Saudi Arabia and the rest of the Middle East have remained an exception and shown exceptional potential to make great recovery in this sector in the coming months.
“The upcoming wedding as well as Umrah and Haj seasons hold promise for the gold and jewelry sector to remain buoyant in this part of the world,” said Abdul Aziz Ashrafi, one of the senior officials of the WGC. He was speaking at a meeting held to launch a special “Yalghalia” collection for the wedding season jointly hosted by it in partnership with Taiba for Gold & Jewellery at the Laylaty Hall on Saturday night.
The objective is to focus on the inherent qualities of gold and its significance during the wedding season, which is considered the most important during the year.
“As a global advocate of gold, the continuous efforts of the WGC and its partners from the gold trade are essential to maintain a healthy gold market environment,” he said. “We are confident that our partnership will further establish the significant role played by gold as a bankable asset for both investment and adornment. Gold has proven its core qualities as a store of value, safe haven and portfolio diversifier. Consumers who realize the intrinsic gold values continue to buy gold,” he added.
Jameel Farsi, chairman of the gold and jewelry committee of the Jeddah Chamber of Commerce and Industry, said the JCCI had taken upon itself the responsibility of training Saudis in the art of manufacturing gold jewelry on priority. He urged the gold traders to increasingly commit themselves to train Saudis in this trade that is increasingly expanding.
“In fact, handmade jewelry has been one of the most respected traditional arts of the Arab world. However, Europe stole a march over us because of new technologies they introduced from time to time. Let us all resolve to see our own people are engaged in this traditional art,” he added.
Alawi Al-Kherd, general manager of Taiba Gold & Jewellery, said: “What we present today is the result of our hard work in developing the latest gold jewelry collection. The latest global jewelry trends have inspired us to present the collection that has been designed in the interest of the modern Saudi woman.”
Bisher Diab, country manager and Gulf consultant for the WGC, said the Kingdom had always led the Gulf and Middle East market in terms of gold and jewelry sales because of the tradition of gifting such valuable products to their relatives and friends. “Sales have always remained high during the wedding, Umrah and Haj seasons.
