Specialists for "today": The Saudi gold market is one of the safest in the world… and strict supervision deters fraud

The specialist in the field of gold, Abdullah Al-Sayari, said that the Saudi market is safe and there is

It has clear mechanisms to protect the consumer and control the gold and jewelry market, through legislation and effective enforcement against anyone who deceives or deceives in the type, weight, or purity of precious metals or plated, embossed, or coated items, or deceives or deceives in the type, grade, weight, or quality of stones. Precious metals.

He explained that, through his profession and experience, there may be fraud in the karat, meaning that some pieces carry a 24 or 22 stamp, but the actual percentage of gold is less.

Others use cheap metal welding that is hidden under the surface shine.

And it is possible that there are individual cases of selling plated silver or copper as pure gold, stressing that This does not go unnoticed in the Kingdom, as its regime does not tolerate any of these violations except with deterrent penalties.

Qais Al-Minhali, one of the sellers in gold stores, stated that a form of fraud may include some unreliable suppliers providing forged certificates or inaccurate clearances, but the stores have the competence to verify the source of the alloy and its certificates.

He continued: Among the old tricks that you find in crowded markets around the world, you find cheating inside the store itself, such as cases of changing parts after inspection in online video clips.

Therefore, it is the responsibility of the shops to provide internal training for workers, and to put up signs about human rights. The customer, providing a free pre-sale inspection service and providing the invoice with details of the caliber and weight

While the economic advisor, Dr. Hussein Al-Attas It is necessary to always keep

with the invoice, request an inspection report if possible, and avoid buying in crowded places or from street vendors without a clear commercial record.

He pointed out that there are ways to detect the percentages of gold. There are
“Primary methods: the acid test, which reveals the approximate percentage For gold, there is a density measuring device to determine the percentage using weight and volume, and to compare the color and weight with the karat standard. For accurate analyses, there is a spectrometer (XRF) device that determines the chemical composition of the alloy without damaging it, and advanced laboratory tests that measure purity and detect any coating or welds.”

Al-Attas added that the buyer must make sure that the piece carries A stamp or mark containing: the name of the jeweler or trademark, caliber, country of origin/manufacture if any, and ensuring the presence of a detailed invoice: number of fines, caliber, price, date of sale, license number or commercial register of the shop (the absence of which is considered a violation), and verifying that the scale in the shop is certified and calibrated according to the standards, or that the shop shows that the weight is reliable.

He also advised to make sure that the store is licensed to practice precious metals trade, and that it does not hide or deal without a license, and compare the price with the market price of the declared gram, and do not be tempted by very large, unjustified discounts (it may be a scam), and follow up if you buy online or from outside the traditional store, check the electronic services approved by the Ministry of Commerce. “Electronic store verification” service and others.

On the other hand, the founder of the World Jewels Exhibition, Nader Freiha, explained that gold prices are witnessing an unprecedented rise, saying: Gold prices have increased by nearly 100% compared to last year, and this increase reflects the great global demand for gold in light of

Current economic conditions.

He pointed out that expert estimates indicate the possibility of the price of an ounce reaching $5,000 within a year if the upward trend in demand continues. This came during an exhibition "Jewels of the world" Which concluded the exhibition tour for the year 2025 in the Kingdom, where its last stop for this year was in Jeddah after the successes in Riyadh and Al-Khobar.

Fariha stated that the Kingdom of Saudi Arabia is considered one of the largest markets in the Middle East and the world in gold consumption, pointing out that Saudi women are known for their fine taste and accuracy in choosing gold jewelry, stressing that gold in Saudi culture is not just an adornment for occasions and weddings, but it is also a treasury and investment. Amen, pointing out that Saudi women combine artistic taste and economic value in acquiring gold, and this is what distinguishes the local market.

He added that Saudi Arabia has local gold mines that contribute to the development of the industry, but imports still constitute a large percentage of the market size due to the diversity and breadth of demand.

Fariha said that the exhibition comes within a series of four annual sessions held in various cities of the Kingdom, expressing his happiness at his presence in Jeddah after he concluded in the past weeks the Riyadh Exhibition, and the Jewels of the World Exhibition is held four times a year in The Kingdom, and this reflects the importance of the Saudi jewelry market and its position among the largest gold markets in the world.”

Fariha pointed out that gold and jewelry exhibitions are of special importance in the Kingdom as they coincide with the arrival of new collections announced by international jewelry manufacturers last January and February, after their participation in international trade exhibitions (B2B).

He added: “At the beginning of each General New season designs are displayed during trade meetings and exhibitions, and jewelers around the world place their orders. By the month of October, these pieces will have reached the markets, making these exhibitions a unique opportunity for Saudi women to discover the latest gold and jewelry trends for the year 2025.”