Kingdom has SR25bn investment in gold and watches

05/12/2011 00:00 AST

The Riyadh International Exhibition for Fine Jewelry and Luxury Watches opens on Sunday at the Four Seasons Hotel. The event, being held with the support of Riyadh Chamber of Commerce and Industry Secretary-General Hussein bin Abdurrahman Al-Athel, is widely considered as one of the biggest exhibitions in the Middle East.

International firms, stakeholders of gold factories, local gold traders, investors in gold and watches, and specialists in designing gold and watches are taking part in the show that ends on Wednesday (Dec. 7).

Emphasizing the importance of holding such international exhibitions in general and the ones on gold and watches in particular in Riyadh, Al-Athel said: "These specialized exhibitions present a new vision of the latest in the industry of gold, valuable collections, and luxury watches through the unique handmade designs. It also allows for introducing the world of developed industry of fashionable gold and watches into the Saudi and international markets."

Osama Mohammed Kurdi, head of the board of directors of the organizing company of the conference, estimated the size of jewelry sales and investment in the Saudi market to hit the mark of SR25 billion. Saudi Arabia is number four at the international level and the first in the Arab world in terms of gold consumption.

Kurdi emphasized that the exhibition would include distinguished and unique display of jewelry and luxury watches. He pointed out that local and international companies would present the latest in the industry of jewelry and watches.

Kurdi predicted that the exhibition would witness a huge turnout for interested people, specialists, and Saudi families especially after the success of previous exhibitions.

He said the fact that international exhibitions in general reflect and embody a positive image of the society culture, its interest in such exhibitions, and the desire to possess collective items of diamonds, gold, and watches. The exhibition will target the Saudi society with all of its classes as they are considered today a partner and an engine driving the Saudi economy and development, he added.

Arab News