Prince Khalid bin Salman and US counterpart discuss over phone prospects for defense cooperation    Saudi Arabia highlights long standing relationship with UNESCO during Executive Board meeting    Princess Haifa: Sporting events draw 14 million tourists with SR22 billion spending in 2024    Average life expectancy in Saudi Arabia rises to 78.8 years    Hajj Ministry sets April 29 as last date for departure of Umrah pilgrims    TASI recoups losses, records highest close since December 2024    Dar wa Emaar hosts annual Eid Al Fitr community celebration with residents at Saraya Al Narjis in Riyadh    6.8 million people travel via four Saudi airports during 2025 Umrah season    Ithra to showcase its art collection at Riyadh Art Week    Israeli protesters urge Netanyahu to secure hostage deal during meeting with Trump    Palestinian teen died in Israeli prison after suffering 'likely prolonged malnutrition', autopsy finds    Saudi U-17s qualify for 2025 FIFA World Cup after win over Thailand    Saudi Arabia imposes SR100,000 fine on Hajj and Umrah firms for not reporting visa overstays    US defends tariffs on remote island of penguins and seals    The Seven Dogs wraps filming in Riyadh with a budget exceeding $40 million    Trump's crackdown on university protests is casting a long shadow    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi traders upset as expats dominate gold, jewelry market
Published in The Saudi Gazette on 18 - 11 - 2015

Illegal cover-up (tasattur) business in gold and jewelry sector has reached 50 to 80 percent in the central, western and eastern regions of the Kingdom, said Saudi gold traders and officials. They also believe the present foreign investment law would drive them away from business.
Speaking to Al-Madina daily, Saudi gold traders complained that some Arab expatriates have entered the market by obtaining Saudi citizenship, GCC passports and foreign investment license.
Abdullatif Al-Namir, a gold and jewelry trader, estimated tasattur gold business in the Eastern Province at 50 percent and in western and central provinces at 80 percent. "This can be discovered easily as those who work in these shops do not know anything about gold and jewelry," he added.
Abdul Ghani Al-Muhanna, chairman of the Precious Metals and Gems Committee at Asharqia Chamber, agreed with Al-Namir that tasattur business has engulfed the gold and jewelry sector.
"As a result of the dominance of foreigners, original traders have lost their name and fame as the expats do everything — legal or illegal — to woo customers," he said, adding that many customers have complained about cheating by them.
Al-Muhanna said expatriates from a particular Arab country were trying to dominate the market, making use of benefits offered by the government to foreign investors and GCC citizens.
"These Arab citizens buy jewelry shops from Saudis in the Eastern Province. They also dominate the market in the Western Region," he said while urging the government to support Saudi traders and jewelers to safeguard the profession.
Abdul Mohsen Al-Namir, a member of the National Committee for Precious Metals and Gems at the Council of Saudi Chambers, said it was difficult to identify tasattur in gold and jewelry sector as the expats running the business are relatives of Saudi sponsors.
"Traders from a particular Arab country are also dominating the market in the Western Region," Al-Namir said, adding that this situation has forced many Saudi jewelers leaving the market to look for government jobs or other professions.
He said the foreign investment law has contributed to the expansion of tasattur in the sector. "Foreign investors get license by just paying SR500,000, which is equivalent to 3 kg of gold. This license can be used to open a gold factory or a jewelry shop," he explained.
Al-Namir voiced Saudi fears about the government's intention to open all economic sectors to foreign investment by 100 percent, adding that it would enable foreign traders to occupy the remaining part of the gold and jewelry market in the Kingdom.
Turki Al-Tuaimi, spokesman of the Commerce and Industry Ministry, emphasized his ministry's efforts to track down tasattur business across the country.
"We have inspected more than 1,000 gold and jewelry shops and asked owners of 73 shops to visit the ministry to show their credentials to prove they are not involved in tasattur," he said, adding that confirmed tasattur cases would be transferred to the Bureau of Investigation and Public Prosecution. The Court of Grievances will then issue its verdict on them.
Al-Tuaimi said his ministry has urged the public to inform about tasattur business in various sectors. "Agencies that issue licenses should also make sure they are not utilized for illegal business," he said.


Clic here to read the story from its source.