Saudi Arabia Gold Sales Witnessing A Recovery Up 25 % Because of Umrah and Eid

After the recession that accompanied the gold market in Saudi Arabia, those markets have begun to see a recovery and a rise in demand for purchase, since the holy month of Ramadan, which some gold traders attributed this to the movement of pilgrims, and weddings after Eid al-Fitr next.

Traders said gold and jewelry that their sales have begun to see a recovery from the recession subsidized purchases of pilgrims, as the percentage of the recovery and the increase in sales of 25 percent so far, especially from Arab countries such as Egypt, Tunisia, and a number of African countries in general, followed by arrivals from East Asia .

He said the businessman in the field of gold that the governor Mohammad Ramadan golden month, due to the high demand for gold is increasing, pointing out that the lower prices globally encouraged the Saudis to buy the yellow metal.

He explained during his speech for the «» that higher sales of gold rose for the past few years significantly, by more than 25 percent, and specifically of pilgrims coming from Arab countries, and the countries of Africa, especially from Nigeria and Senegal, adding: «that pilgrims Africans are characterized by their knowledge value Gold and benefits of acquisition, and are keen to buy it from the UK, to ensure its quality and good reputation to have the Saudi market ».

He pointed out the governor of that gold season starting from the end of August, to begin the actual season in Ramadan, and extends the golden season of until the end of the Islamic calendar, indicating that the decline in gold prices make it the first choice as gifts, coupled with high quantities purchased by customers of weakness, to take advantage of current gold prices .

For his part, Mohammed Al-Sharif told «» that the price of an ounce of $ 1200, down from $ 1,500 per ounce, the average gold crews controlled by the weight of the piece, which is from three thousand to 200 thousand riyals, according to the weight of the piece, and affect additions to the item’s price whether diamonds or precious stones, according to the value of the urgent or stone and the quality and the purity and size.

He estimated Sharif Atash buy gold season in the month of Ramadan in general by 70 percent on the level of Saudi Arabia, alluding to purchase diversity between diamonds and diamond engagement rings, and the crews network for brides, due to events after the Eid al-Fitr.

He added: «The demand for diamonds during the current period, down in exchange for gold, as the population of the western region primarily prefer diamonds, gold, and the restaurant diamonds, gemstones and soft pieces, which follow the international fashion».

And between the buying and selling traffic will return to normal doubled, by the end of the month of November, citing the price of gold in the Kingdom that are in line with gold prices worldwide, up and down, which is no different from them.

He reported that gold traders are buying pieces of raw gold from the banks or from wholesalers, then are made, some of which comes from local factories or shops outside or imported from Italy, Kuwait, Bahrain, Thailand, India and Hong Kong.

In turn, the seller in gold and jewelry shops Salman al-Bakri pointed out that some buyers from Saudi Arabia prefer to cut gold imported from India and the Gulf states which is about large pieces of gold.

He pointed to the types imported from East Asia, Thailand and Hong Kong goods, which the pieces are somewhat soft and light, as well as imported from Italy, Lebanon, the pieces that are in line with the international fashion, and preferred by some customers as well, noting that traders are buying full needs at the beginning of the year.

He stressed that the quantities purchased by customers, rose after gold prices fell, adding: «The gold prices affect the demand and the size of the quantities sold, and the fluctuations in the price of gold lifted sales».

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