Saudi jewelry market up 35%

29/04/2012 06:00 AST

Share of Saudi Arabia's jewelry market has jumped 35 percent of overall Arab region's market with sales amounting to SR3 billion on yearly basis, experts said on the sidelines of a jewelry show recently held in Riyadh. They ascribed the increased Saudi share to high purchasing power and multiplicity of seasons, particularly Ramadan, Haj and summer holidays.

An investor in the United Arab Emirates (UAE) said the strength of Saudi market rested on the high standard of living, strong liquidity and spending despite the decline witnessed by jewelry market globally due to political tensions, the euro crisis and oil price hikes.

He said the volume of Saudi market is exceeding the combined GCC market due to demographic factors and availability of different tastes, including the United States, Europe, Asia and Turkey.

Samir Hakim, owner of George Hakim Jewelry New York, said jewelry market in the Kingdom was promising.


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