Tuesday, 13th September 2005 (3709 views)

The research house GFMS has confirmed that Saudi Arabian gold sales are likely to continue their steady rise.

Both bullion imports and jewellery imported from nearby Dubai have risen and look set to further increase.

As consumer credit picks up momentum in the country, GFMS predicts that Saudi Arabia's retail sector will expand by ten per cent in the coming year and that this will have a knock on effect on gold sales.

GFMS senior analyst, Tim Spencer, confirmed that the Saudi market was "hot" after his July visit to the country.

Upon meeting with industry leaders from bullion distribution, manufacturing, wholesaling and retailing of gold and gold jewellery, he reported positive growth in all sectors.

It is expected that Dubai, which has recently announced its decision to launch the Dubai Good Delivery service dealing in gold bullion, will pick up on much of Saudi Arabia's expanding gold trade.

 

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