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Monday, 2nd October 2006 (6540 views)

Hussein Al-Arbash, the chairman of the Kuwaiti Gold Merchants' Union, has said the total amount of gold jewellery sold by Kuwaiti merchants is around $2 billion per year.

This is the equivalent of approximately 35 tonnes, or $1.35 million of pure gold and $1.7 billion of crafted jewellery and precious stones each year, the Kuwait Times reports.

Despite recent statistics suggesting that gold demand in the Middle East has dropped since the early part of this year, Mr Al-Arbash claims Kuwait would not see much evidence of this and that gold prices would rise, along with demand, and bolster the entire industry.

Gold in Kuwait is tax-free and imported from a range of countries, including India and Italy and other fellow Middle Eastern nations like Bahrain and the UAE.

Industry analysts note that consumers in Kuwait generally purchase jewellery that is not quite pure, namely 18-, 21- or 22-carat gold, as a means of investment as well as for accessorising.

 

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