The demand for crafted gold jewelry ornate with traditional inscriptions and designs has risen, especially among young Saudi women.
Mahdi al-Nimr, who owns a jewelry shop in Dammam, explained that demand for the traditional jewelry increased during the COVID-19 pandemic, almost doubling, as women view them as an investment the value of which does not drop.
Nimr told Asharq Al-Awsat that 21-carat pieces make up around 80 percent of the total demand for gold, while 18-carat pieces, which were the market leader three years ago, saw a decrease.
He added that the last ten days of Ramadan are the busiest in the gold market.
Some of the most popular designs include necklaces, bracelets and rings, as well as earrings.
Many goldsmiths pointed out that the demand for prayer beads has also increased, with many designed to combine oriental and modern styles.
There’s also a general shift towards larger-sized gold sets, with the return of yellow gold and traditional inscriptions on gold sets, replacing the white gold and European inscriptions that were popular before, Asharq Al-Awsat found during a tour of the gold market in Dammam.
Moreover, the Saudi gold market is brimming with various types of gold, both locally produced and imported, mainly from Singapore, South Korea, Italy and GCC countries. However, most clients in Saudi Arabia prefer domestic products, primarily due to the product’s certificate of origin, which guarantees its quality and authenticity.
Some goldsmiths have stressed that the Saudi gold market is usually affected by holidays, the month of Ramadan and the Hajj season.