Diamond trade in Saudi Arabia reached $1.1 billion dollars in 2001, overcoming the one billion dollar barrier for the first time in three years, reported Diamond Promotion Services, the marketing arm of the Diamond Trading Company.
“After this big leap, Saudi Arabia is now the fourth market in the world after the USA, Japan and India, taking over Italy’s place and ranking in fourth place,” said Diamond Promotion Service Director for the Gulf Region Anan Fakhreddin.
The results show that the diamond sets segment is the largest in the diamond jewelry market as it holds 54 percent of the total market, while the diamond pieces hold 46 percent of the total diamond jewelry Saudi market.
“Riyadh city has made the highest sales achieving 55 percent of the Saudi market, while the western province has achieved 26 percent, followed by the eastern province with nine percent, and 11 percent was achieved by other provinces of the Kingdom,” stated Fakhreddin.
The Diamond Trading Company has worked on intensive advertising campaigns in the Saudi market since 1995, spending tens of millions of dollars to support the diamond industry. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
