Riyadh: The Saudi government has issued important instructions to citizens and foreigners buying gold jewelry.
In this regard, the Saudi Ministry of Commerce says that 236 trade licenses have been issued for the jewelry sector in the month of April.
According to Al-Arabiya Net, the Ministry of Commerce has instructed consumers regarding the purchase of gold to make sure that whenever they buy gold jewelry, the gold quality stamp is affixed on the jewelry being purchased.
The spokesman of the Ministry of Commerce says that by following this directive, it will be possible to know how many carats the gold is. Apart from the quality, the weight of the jewelry must also be done with a sensitive meter.
Also, for buying jewellery, get a stamped receipt of the jewelery purchased from the shopkeeper, in which the total weight of the jewelery and all the details of the amount must be mentioned.
It should be noted that gold traders are well aware of the fact that the price of gold jewelery is determined on the basis of composition in the open market.
Gold prices in the global market fluctuate daily rather than hourly, which also affects the local market.
Depending on the design of the jewelry, it is difficult to determine gold prices in Saudi Arabia as there are models and products from all over the world with different prices.
There are factories manufacturing gold jewelery at the local level as well, but apart from Emirates and Dubai, the price of jewelry manufactured in Bahrain is comparatively higher than other countries.