JEDDAH: Jeddah will witness on Friday the first and largest auction of about 172 pieces of rare jewelry organized by Fitaihis Auction House.

Some of the pieces date back to the nineteenth century.

The chief executive officer of the auction house said it has more than 100 years of expertise in manufacturing and trading gold and jewelry and that such expertise was invested for the first time in Saudi Arabia.

"The house will grant guarantees of two years on the money value and quality of each piece of jewelry sold during the auction from the moment the piece is sold (the hammer price), the first guarantees of its kind, according to auction experts."

The auction is scheduled to welcome the participation of the most important customers of the jewelry world from inside and outside the Kingdom.

The auction house announced earlier that bidders can see the pieces on Wednesday and Thursday, before the actual auction, at Fitaihis Auction House in Jeddah.

Possessing rare jewelry is considered one of the most important investments by Saudi families, and Saudis are the largest bidders in international auctions for rare jewelry held in European countries.

Holding the auction in Saudi Arabia will constitute a world event.