People love to buy diamonds. The local diamond industry has always been booming and with gold prices on the increase, interest in diamonds has grown. The International Diamond Laboratories (IDL) has started weekly courses in Jeddah and within two months they plan to open a lab in Jeddah. International Diamond Laboratories (IDL) is a Dubai Government initiative. It was established in 2007 in the Middle East and provides industry-specific market infrastructure and services to key sectors like the diamond market, according to a press release. Jeroen Michielsen, sales manager for IDL said around 15 Saudis are attending the diamond grading courses at the Chamber of Commerce and Industries. He said the participants in the weekly courses are traders and dealers from the diamond industry. He said a diamond is a “good form” of an investment. With proper education about diamonds to consumers a diamond can become an excellent investment in the future. Saudi Arabia accounts for 70 percent of all diamond consumption in GCC. With the high oil price, the retail price of jewelry in Saudi Arabia is expected to rise considerably, he said. Retail diamond jewelry sales in the GCC are worth about SR7.5billion ($2 billion) a year and is expected to increase dramatically in 2008. He said their target market is “global.” Presently their focus is on the buoyant Middle Eastern and Indian markets; The Middle East accounts for 20 percent of the world's SR187 billion ($50 billion) market for diamonds and diamond jewelry. “This underlines the Middle East's growing significance as a flourishing diamond consumer market.” __
