Gold dealers in Riyadh say the program of Saudizing gold shops in the Kingdom has prompted more than 60 percent of gold investors in Riyadh and the Eastern Province to leave the industry.

They added that they have filed complaints in this regard and on the obstacles facing them through the gold and jewelry committee of the National Committee for Precious Metals at the Council of Saudi Chambers to the Ministry of Labor, and are awaiting a response.

According to them, the Saudi gold market is estimated at SR55 billion.

“The Saudi and Arab designs in the gold and jewelry industry compete with international designs. Despite their desperate efforts to penetrate the Saudi market, the Italian designers were unable to meet the needs of consumers,” one of them said.

Ayman Al-Haffar, executive general manager of L’Azurde Group, said this after a meeting held in Riyadh to announce the staging of the gold and jewelry super show VICENZAORO Dubai. It will be held in Dubai from April 23 to 26. More than 700 firms from 40 countries are taking part in the event.

The Gulf gold market in general and the Saudi market in particular will have their strong presence as they have a significant presence in the international market. “The Kingdom is the fourth biggest market worldwide and the first among Arab countries in terms of gold consumption,” Al-Haffar added. “Saudi Arabia is the driving force behind Gulf gold market,” he said.

The director general for Gallery of Mohammed bin Suleiman bin Mohammed Muhaisin Jewellery said that despite the strong gold market in Saudi Arabia there are many obstacles, which have yet to be overcome, mainly the Saudization program that has caused the ouster of more than 60 percent of the investors in this industry.

Emmanuel Judy, representative of Fiera di Vicenza, a major Italian jewelry trade fair organizer, said: “The participation of the Saudi market in VICENZAORO Dubai is very significant because the Saudi share market of gold in the Arab region stands at more than 35 percent. Such communication and participation between Italian companies and the Saudi gold market is extremely important.”