Despite the recent increase in the worldwide price of gold, Saudis, residents, and visitors to the Kingdom continue to patronize the country's gold markets. “People living in Saudi Arabia and those coming for Umrah and Haj love to buy this precious metal,” Asrar Ahmad, a salesman at a jewelry shop in Al-Balad District here, told Saudi Gazette. “No one can cheat gold customers in the Kingdom, and they know that whatever is written or said by the shopkeepers is true,” he said. Ahmad explained that in Saudi Arabia, where no one is allowed to sell less than 18-carat gold, the government has a special inspection team which goes to the gold market to make sure that shops are obeying the rules and regulations. “They make unannounced inspection visits to check on the gold in the shop and sometimes they take a few things to check in the laboratory,” he added. Gold remains popular because of its cultural importance to many people and because it plays an essential role in weddings and gift giving. The recent high prices have not meant that people have stopped buying gold, but some of them, however, are buying less. Gold is especially important to Saudi brides-to-be, but those affected by the high prices have been forced to reduce the quantity of gold that they buy. Alaa Hamdan, a newly-married university student, decided to buy just a few simple gold sets after waiting in vain for gold prices to go down. “I bought a few simple sets because I have to take into account the other financial needs of marriage. I can't spent all of my money on gold,” she said. Fares Ali, a bridegroom-to-be, has also complained about high gold prices. ”High prices are everywhere: food, rent, furniture, and gold and these are too much for those starting a married life,” he said. However, the continued high price of gold does not affect some Saudi and expatriate women because wearing it and giving it as a gift is part of their culture. Furthermore, the precious yellow metal can be bought as an investment and sold at a profit or when funds are needed. Indian and Pakistani expatriates buy gold for weddings and other special occasions to give as gifts. “I love gold and it doesn't matter if the price is increasing or decreasing. I am buying it to wear, as my wedding ceremony is very near. My parents are buying gold for my marriage as it is an important part of our culture,” said Qudsia Najmuddin, a 22-year-old Indian expatriate. “We need gold for our cultural ceremonies. Most Indians don't buy gold with the thought of selling it; we buy it because we love to wear it. However, there is no harm in buying gold, as I think it does give you some future security as well,” she said. A Pakistani expatriate Musrat Altaf said that she is buying gold not only for her daughter's wedding but also for her future daughter-in-law. “I have been buying gold since it was only SR60 per gram and whenever I go to the market, I still buy something, like a pair of earrings, or a ring, bracelet, chain or pendent. It doesn't matter if the price has increased, although before I bought more often than I do now,” she explained. Ghada Muhammad, a Saudi mother of four, said that she likes gold jewelry and wears it to be elegant. “Every year for Eid, my daughters and I change our sets with new models in order to follow the last fashions,” she said. “Gold is a woman's friend and it will not lose its value. So women can sell it whenever they need money,” she added. Muhammad Salamah, a gold jewelry salesman in Jeddah, told Saudi Gazette that Saudi and expatriate women buy gold to use or to keep for an emergency. He said some expatriates, especially Egyptians and Sudanese, buy gold for investment. However, overall all, 60 percent buy gold to use and 40 percent to make a profit, he said. Whatever the reason for the purchase of gold, the rights of both customers and dealers are protected by the Ministry of Commerce and the Jeddah Chamber of Commerce and Industry. According to Salamah, gold sellers can complain to the Jeddah Chamber if they have been cheated by the gold industry. “Customer's rights are protected by the commerce ministry which carefully checks our accounts to see how many grams we have sold and requires us to keep proof of the identity of anyone working in the shop. The ministry fines jewelry shops which do not follow these regulations,” he explained.
