Saudis to Be Trained in Gold and Jewelry Trade on Priority.

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.

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