Kingdom of Saudi Arabia has experienced a sharp increase in sales of diamond jewelry, due to the economic boom and the growth of consumer purchasing power, the Saudi Gazette writes.
It is reported that for the first 4 months of the year sales of diamond jewelry jumped by 16% compared to the same period last year. Importers expect that the sales volume in 2013 may increase by 40%, based on statements of sources from the local market.
According to forecasts, retail sales this year will exceed 5 billion riyals. The province of Riyadh is the leader among diamond consumers, accounting for 48% of sales. On the second place is the Eastern Province (32% of sales), and the third - Jeddah (20%).
The countries of the Persian Gulf are actively increasing the production of diamond jewelry. In Saudi Arabia currently operate 5 enterprises.
The owner of the jewelry store in Al-Hassa, Ammar Al-Molhem, said that over the past three years, sales of diamond jewelry have increased by at least 45%, leading to an increase in imports from European and African countries.
Naji Al-Sawadi, owner of the watch store, notes the great demand for watches with diamonds during the summer holidays and Ramadan. "About 95% of such watches are bought as a present," he said.