Eid Gifts Boost Gold And Jewellery Sales In Jeddah

JEDDAH, March 15 (Bernama-SPA) -- Gold and jewellery markets in Saudi Arabia’s Jeddah have attracted increasing numbers of shoppers as Eid al-Fitr approaches, amid rising demand for ornaments and gold sets in line with longstanding social traditions associated with the celebration, the Saudi Press Agency (SPA) reported.

During a tour of several gold markets in Jeddah SPA observed growing interest in purchasing bracelets, bangles and gold sets of 18- and 21-carat, alongside white gold and delicate designs suitable for daily use. Some shoppers, however, prefer acquiring luxurious sets presented as gifts during family occasions and celebrations.

Sector workers said sales activity rises markedly during Ramadan, reaching its peak in the days leading up to Eid al-Fitr, despite the global increase in gold prices. They noted that gold remains one of the most favoured gifts many families are keen to offer during the holiday because of its aesthetic and social value.

Experts say 21-carat gold is the most in demand for adornment and personal use, while 24-carat gold is preferred for savings and investment.

Current local market prices stand at SAR605.25 (US$1 = SAR3.75) per gram for 24-carat gold, SAR529.59 for 21-carat and SAR453.94 for 18-carat.

-- BERNAMA-SPA