1996 News Story

Saudi Arabia stands fifth in gold market

The Kingdom of Saudi Arabia took fifth position among world states in the gold market for the year 1995.  The annual consumption of gold in the Kingdom is about 200 tons, valued at SR 12 billion (U.S. $ 3.2 billion).  There are currently more than 2,500 retail gold shops, 40 gold-processing plants, and 200 small industrial workshops dealing in gold.  Local dealers of gold and jewelry are expecting stability in supply and demand in 1997.