The first Saudi International Jewelry and Watches Exhibition (Jewelry Salon) being held at the Hilton Hotel here contains luxury items estimated to be worth SR500 million, according to Haya Al-Sunaidi, head of the committee organizing the event. The exhibition which opened on Monday and closes Wednesday is being held with the participation of 100 international and domestic exhibitors who are displaying the latest jewelry designs in an area of 4,800 sq. m. Overseen by the Jeddah Chamber of Commerce and Industry (JCCI), the event, which is organized by Al-Sunaidi Expo Group, also features a jewelry design contest for young men and women. According to Al-Sunaidi seven countries specialized in jewelry production are participating in the exhibition. “Jewelry Salon includes the latest jewelry designs and creations and it is a good opportunity for jewelers and gold traders to conduct market research and strengthen business ties with their counterparts overseas,” Al-Sunaidi said. She added that 50,000 visitors of both genders are expected to visit the exhibition before it ends. Al-Sunaidi estimated the annual Saudi consumption of jewelry at 400 tons. She also expected a further increase in the near future due to the international economic recovery and the stability of the Saudi economy. She said that the volume of the Saudi jewelry and gold market is worth SR30 billion, putting the Kingdom third in terms of global consumption. She pointed out that the exhibition targets businesswomen and women in search of excellence in an atmosphere of privacy and sophistication.??“The exhibition includes skillfully designed jewelry which is manufactured in innovative ways to last forever. These unique items can be handed down to future generations,” she explained. She praised the government resolution to reduce customs tariffs on gold and jewelry which she said would contribute to the upgrading of the Saudi gold and jewelry industry. Sunaidi stressed the importance of establishing specialized institutes for Saudis interested in designing jewelry. This step, she added, could provide a suitable field of work for Saudi women. Sunaidi said that the Saudization of gold and jewelry market jobs is a strategic decision, adding that the exhibition also includes luxurious watches made of gold, silver, gems and other precious materials. She added that there are more than 100 agents of international watch companies in Saudi Arabia. “The luxury watch market in the Kingdom has hit one billion dollars which is 25 percent of the value of all the markets in the region,” Sunaidi said. She noted that young Saudis over the age of 20 are the main purchasers of luxury watches and jewelry in the Kingdom in comparison to those in their 40s in other countries.
