JEDDAH: Gold price may be on the rise but some merchants believe that demand will be 20 percent more than last year, especially as Haj pilgrims buy the precious metal before heading home. A merchant in the business said gold jewelry sales have increased this Haj. While sales are not yet as high as previous years, he expects an increase of 20 percent compared to last year. Muhammad Azouz, member of the National Committee for Gold at the Saudi Council of Chambers of Commerce, said the gold jewelry markets flourish in the Kingdom during Haj. He said the majority of customers are pilgrims from Asia and Africa. He said local gold merchants have a reputation for good quality products. Abdullah Al-Amri, manager at a jewelry shop in Jeddah, said the demand for gold increases during Haj. However, he does not believe that sales this year will touch the level of previous years because of the rising gold price. He said Malaysian and Indonesian pilgrims are the top customers.
