TAIF — More than 50 shops selling gold, jewelry and gemstones in Taif governorate are bustling with activity with the advent of the mid-year school vacation. The market is witnessing an unprecedented flurry of activity despite the rise in prices of the precious metal globally. Over 200 Saudi youths work in these shops, which are scattered in the central market and other local markets in the city and its suburbs. Families get ready during the vacation for the upcoming wedding season by purchasing their needs for gold and other requirements. The gold market in Taif is considered to be one of the most active gold markets in the Makkah region. The price of yellow gold ranges between SR180 and 210 per gram, depending on the source and the intricacy of the finished product. The price of white gold is between SR190 and 210 per gram. The larger dealers offer many new ornaments so as to have the lion's share of the market. Gold necklace sets and ornaments are purchased from customers, who sell them for between SR155 and 177 per gram. This price is considered by many to be too low considering the current prices of the yellow metal. Light intricate necklace sets are in demand due to their weight that ranges between 8 and 25 grams with the prices ranging between SR200 and 215 per gram. Heavier necklace sets can reach 55 grams per set and are not much in demand like in the old days. People now prefer delicate jewelry such as intricate diamond necklace sets, sets studded with gemstones and pearls. The demand for silver ornaments has dropped. This has resulted in a decrease in number of shops trading in silver ornaments. Traders working in the gold market said the market this year witnessed an encouraging rise of sales unlike previous years, despite prices being higher than before. Muhammad Al-Nefei, a salesman at one of the shops, said demand increases during the Eid and vacation seasons due to the increase in social events, foremost of which are weddings. There is demand for rings, necklace sets and bracelets, which are presented to the bride as dowry and gifts. They also present them to relatives as gifts. One of the salesmen said women form the majority of customers followed by the youth. The Taif Chamber of Commerce and Industry (TCCI) said the jewelry season started in Taif this year with positive activity despite the high prices, which have not affected the demand in the market. The chamber said gold and jewelry sales during vacations exceed SR250 million. It also said that gold traders do not want the price of gold to rise any further because they lose a large segment of their customers and clients who are put off by higher prices.
