JEDDAH: The World Gold Council (WGC) has taken major initiatives in Saudi Arabia to support and further develop the burgeoning gold market.
Aram Shishmanian, CEO of the WGC, said Saudi Arabia had been, and continued to be, an important market in the region. The Kingdom's consumer gold demand, which grew 35 percent in the first quarter of 2010, represents a third of total gold demand in the Middle East, which was 65.8 tons.
In recognition of the importance of the market, he added, the WGC is keen to identify new ways and initiatives to work closely with local gold dealers as partners to stimulate and sustain the demand for gold.
Shishmanian, joined by Ajay Mitra, managing director of the Middle East, India and Turkey, and Saudi Arabia Country Manager Bisher Diab, met local senior gold traders in Riyadh and Jeddah and visited Riyadh and Jeddah Chambers of Commerce & Industry to discuss the critical challenges facing the Kingdom's gold industry.
"Saudi Arabia (93 tons) is the world's fourth largest gold consumer market in the world after India (480 tons), China (460 tons) and the United States (260 tons)," Shishmanian said, adding the per capita consumption in Saudi Arabia is the highest in the world due to its family-linked traditions.
He said the WGC was preparing to create the Jeddah Goldsmith Institute in cooperation with Jeddah Gate of Gold Company, headed by Jamil Farsi, chief of Jeddah's jewelers.
He said the WGC was trying to tap new consumer segments such as the youth market in Saudi Arabia.
Arab News
