Saudi Arabia captures 7 per cent global diamond trade

DUBAI: Saudi Arabia's market has captured 7 per cent of the global trade and business in diamonds, according to a report.

"Thanks to its high purchasing power the Saudi jewellery shows have become prominent platforms at the level of the Middle East to showcase the country's position," jewellery expert Marwan Haddad was quoted as saying by the Arab News.

Meanwhile, another jewellery expert Mohamed Al-Kuwhaji has asked the concerned bodies to show more flexibility in attracting international expertise, considering that Saudi market enjoys enormous investment potentials as it receives more than 8 million visitors as Haj and Umrah pilgrims annually.

Most of the investors have turned to diamonds due to convergence of prices. However, fall in the prices of gold by 25 per cent in the last year came to serve the interests of both buyers and sellers, he said.

According to an earlier report, Saudi Arabia has captured 20 per cent of the global trade and business in precious stones.The global volume of trade in precious stones is estimated at $ 25 billion annually of which one-fifth (or $ 5 billion) goes to the Saudis, the report said.