Thursday, 27th October 2005 (3427 views)

Among Middle Eastern countries, Saudi Arabia tops the list when it comes to gold consumption in terms of tonnage.

The county experienced an 18 per cent increase in gold consumption in the second quarter of this year.

Saudi officials have attributed this to higher salaries and tough implementation of custom laws.

The laws have cut back significantly on smuggling, while the higher salaries have come from the rising oil prices. Saudi Arabia is the world's largest oil producer.

The United Arab Emirates was second in the region in gold consumption and saw a rise of nine per cent for the financial quarter.

 

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