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According to analysts, increase in fake gold sale in Saudi markets especially during Hajj is a real problem for authorities as it will tarnish country's image. RIYADH(BullionStreet): Gold markets in Saudi Arabia is in full swing at the moment as the annual Hajj pilgrimage is going on with millions of people from across the globe wants to buy at least a gram of gold from the holy land. The sale this year is also reported to have climbed to new record so far but a new problem seems to have weakened the sales during the last few weeks.
It is estimated that fraud cases in the Saudi gold market reached 35 percent during normal days, but rose up to 50 percent during Haj.Many of the pilgrims were cheated after traders convince them that they were buying pure gold. They said jewelers are taking advantage of unaware pilgrims who cannot even distinguish an 18 karat gold with a 22 karat one and never heard about the hallmarking of gold. The most used trick is to sell gold mixed with zicron by which the jewlers can earn a handsome of money while customers were cheated by about $100 for evry ten grams of gold. This percentage cannot be measured when the purchase was made and that's why traders infuse a large quantity of zircon and customers are not aware of the quantity in a particular item, analysts added. Meanwhile, Saudi authorities along with gold traders and jewelers have decided to take strict measures against those involved in selling fake gold and jewelry.
As a first step, an agreement banning the exchange of damaged gold jewelry among wholesalers and factory owners without testing it or receiving payment with pure gold will be implemented soon. The Saudi gold market consists of about 6,000 shops, and 250 manufacturing workshops that include 30 factories, in addition to 700 repair workshops.
The auction saw the sale of 90,642 out of 92,136 carats-or 45 out of 49 lots-selling 98% by weight and 95% by market value. Taiba is an international fine gold manufacturer and supplier and is ranked among the top five gold manufacturers and suppliers. Logon to their website and take a look at their catalogue which shows in detail the huge variety of jewelry that they have to offer including Dubai jewelry. Taiba has its stores in many of the places in the Gulf region, prominent among them being Jeddah, Madina, Dammam, Riyadh, Damascus, Dubai, Beirut, and Cairo.
A recent visit to the gold market at Al Batha souk in downtown old Riyadh convinced me that the female appetite for the ultimate yellow metal remains extraordinarily high.
Its allure lies in its uniqueness; only gold combines beauty and rarity with the properties of durability (gold does not rust, tarnish or corrode) and workability (an ounce of gold can be stretched into a wire 80km long).


The shiny yellow metal has always been central to the lives of women (and men) not only in Arabia but in the whole Middle East and Asia, in particular India and China, where it is highly treasured as a safe haven for investment and a means of asset protection and payment rather than as just a luxury. More than 3 billion people in those areas prefer to accumulate wealth in gold jewellery or ingots rather than in bank deposits. For centuries gold was the basis for monetary exchange value until in the 20th century the gold standard was replaced by fiat currency (money backed by government decree only).
Current gold prices continue to fluctuate as a result of global inflation, interest rates and currencies, consumer spending, market risks, short-term investment flows and supply-related drivers. Diamonds are a girl’s best friend is a cliche, but when the very precious stones come in sparkling colors, it’s sure to take her breath away. These are really very beautiful and completely prettifying the girls, and in this the green and red is exquisite and its diamond earrings are embellish that girl truly, because its very simple but very pretty..
The average global demand for gold in the past 10 years has been mainly for jewellery at 76 per cent, followed by industrial applications of 14 per cent and 10 per cent for investors. There are five international gold trading centres: New York, London, Zurich, Tokyo and Hong Kong. However, in recent times the demand for gold in India has waned slightly, with the price of the precious metal zooming to record highs.
Beijing has gold holdings of 1,054 tons, up from 600 tons in 2002, and still wants to buy more gold. Image: Lam Sai-wing, chairman of Hang Fung Gold Technology Group, poses in a golden bathtub in an exhibition hall decorated with two tonnes of gold next to his jewellery shop in Hong Kong. Image: A worker checks the quality of a commemorative gold medal with the face of US President Barack Obama.
Image: Melted gold flows out of a smelter into a mould at a plant of gold refiner in Istanbul, Turkey.
Saudi Arabia purchased tons of gold in 2007, making it the world’s fifth largest buyer of gold. Image: A salesman arranges gold bangles and necklaces at a jewellery shop in downtown Riyadh, Saudi Arabia. The United Arab Emirates is the sixth largest gold-buyer at 107.2 tons (figures pertain to 2007).


Image: A visitor inspects a gold-and-jewel replica of a Russian Orthodox church made by Russian artists on display at a presentation for journalists in the Pushkin Museum in Moscow.
I read a article under the same title some time ago, but this articles quality is much, much better. At the University of Munich in Germany, this 4 story slide can take students from any floor down to ground level. Demand for gold was up around 10 per cent during hajj but high prices and fake gold threat might cut down sales this time, analysts warned. Fake gold and jewelery are sold to pilgrims even by reputed gold shops in the kingdom as most of the pilgrims were unaware of the quality of the product they'r buying. An Indian pilgrim who was cheated said he never believed that such a fraud will happen to him in the holy land, which is also known for its strict law enforcement. Since the establishment of the company, Taiba Company has always been committed to its policy of growth and development while maintaining the parameters of quality and workmanship. And gold has great symbolic value, not only as a symbol of status and power but also as a symbol of excellence. Gold jewellery also holds traditional and cultural connotations for those regions playing an essential role in weddings, dowries and gift-giving. The available gold supply is from new mining, reclaimed scrap, official or new bank sales and gold loans made from official reserves.
In 2007, it procured 69 tons of gold making it one of the biggest gold-buyers in the world.
Taibaa€™s products are so well known for their quality, workmanship, and design that customers throughout the world eagerly acquire them. India buys an average of 800 tonnes of gold every year and its total jewellery market is worth more than $20 billion.



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