Most of us have seen our acquaintances illustrating Saudi gold. People prefer to buy gold and diamond jewelry from Saudi as compared to other countries. You may be curious about the reason behind this.
This article has been written to provide you with complete information about the gold rates in Saudi. Well, the prominent reason for the popularity of Saudi gold is the financial advantage.
Saudi Arabia is categorized as a high revenue country, abundant in gold. Its per capita GDP is around 20,000 dollars. They have specific marketplaces for Saudi gold and diamond jewelry.
The remarkable craftsmanship, high knowledge of Saudi people about the gold items and the regional impact on the designs make the Saudi gold worthy of universal appreciation.
Moreover, the most solid reason for the great demand for Saudi gold and diamond jewelry among the purchasers is that Saudi gold is the purest one. And of course, you receive the gold at much lower rates in contrast to other countries.
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Why is Saudi gold cheaper?
The most developed and lucrative sector of the Saudi mining industry is gold. Saudi gold and diamond jewelry are some of the most well-known and most brought items when people are visiting Saudi Arabia and surrounding countries.
Today, the rate of 24K gold in Saudi is SAR 243.46 per gram. The rate keeps on fluctuating but it’s quite lower than other countries that need to import it from them.
Here are some of the reasons why Saudi gold is cheaper
- As we know that taxes on costly products such as gold and diamond are often high. Saudi Arabia is one of the gulf countries that are tax-free or they have the least taxes
- Saudi Arabia possesses high-quality underground gold reserves estimated at 323.7 tons according to the Saudi press agency. So there is no need to import it from other countries that requires additional payments.
- The country enjoys a substantial and diversified reserve of mining potential that values around $1.3 trillion.
- In Saudi Arabia, labor is reasonable, this lowers the prices of gold jewelry.
- The rate of VAT in Saudi Arabia is just 5%.
- They acquired six factories producing gold and silver bullion with an investment proportion overstepping SR7 billion.
Can you buy gold in bulk from Saudi?
Whether you are an investor who wants to invest in gold bars and coins or a shopkeeper who wants to buy bulk jewelry, Saudi Arabia is the best option for you.
You can buy gold in bulk from experienced wholesale suppliers such as Gold Bars, Green mines global, Baturi local minors, and numerous others from Saudi.
These vendors efficiently supply gold and diamond and help their buyers with associated documents to ensure smooth delivery. Investors can hold on to gold bars and wait for the gold rates to rise and can sell them to make a profit.
Consider paying a visit to Souks in Saudi Arabia which is a traditional marketplace that sells gold at affordable prices. In addition, gold is not marketed on Saturday and Sunday in the international market, so gold rates are much lower these days.
Here is a list of some of the places in Saudi Arabia where you can purchase pure gold in bulk
Balad Gold Market:
This souk accentuates plenty of gold jewelry at competitive prices.
Safa Gold Market:
If you happen to visit the Safa gold market, you will be amazed to discover 30 gold shops in the area, all offering gold in bulk at economical prices.
Yamama Gold Markey:
This market is known as one of the reasonable places in Jeddah to shop gold.
Conclusion:
Due to the economic benefit, Saudi Arabia captivates a large number of buyers of gold from all over the world.
After getting beneficial information about the gold rates in Saudi Arabia and learning about the marketplaces from where you can easily find your desired gold in bulk at affordable rates, you will save your precious time and hard-earned money.
Check out our article on the List Of Jewelry Manufacturers In Vancouver
