Saudi Arabia captures 7% of global diamond trade

The Saudi market has captured 7 percent of the global trade and business in diamonds, local media said quoting experts.
Saudi jewelry shows have become prominent platforms at the level of the Middle East to showcase the Saudi position (7 percent) thanks to its high purchasing power, Marwan Haddad, a jewelry expert, said speaking at the conclusion of a jewelry event in Riyadh.
The expert expected that gold prices would register a record level in the next few months after the prices dropped to less than $1,300 per ounce compared to $1,800 a year ago.
Mohamed Al-Kuwhaji, another expert, called on the concerned bodies to show more flexibility in attracting international expertise taking into consideration that Saudi market enjoys enormous investment potentials where it receives more than 8 million visitors annually Haj and Umrah pilgrimages.
He said most of the investors have turned to diamonds due to convergence of prices. However, prices fall of gold by 25 percent in the last year came to serve the interests of both buyers and sellers, he said.
He expected that jewelry sales would increase during year-end school vacation by 20 percent, which comes simultaneously with Ramadan, wedding parties and Eid-al-Fitr festivities.
Meanwhile, Haya Al-Sunaidi, the CEO of Sunaidi Expo, which is the organizer of the jewelry event, said the exhibition will shift to Jeddah next Tuesday and run for four days.
Some 70 exhibitors will showcase their products at the event. Exhibitors will represent a number of countries, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, Lebanon, Britain, France, Switzerland, Italy, and India, she said.
According to the CEO of Sunaidi Expo, the value of jewelry to be showcased in the exhibition is estimated at more than SR500 million.
According to an earlier report, Saudi Arabia has captured 20 percent of the global trade and business in precious stones.
The global volume of trade in precious stones is estimated at $25 billion (SR93 billion) annually of which one-fifth (or $5 billion) goes to the Saudis, the report said.