Saudi Arabia: Sudden increase in gold purchases, why?
Riyadh: There has been a sudden increase in gold purchases in the Kingdom of Saudi Arabia.
According to details, gold traders in Saudi Arabia have said that the value added tax in the kingdom has been increased by 15%, which has accelerated the purchase of gold before its implementation.
Arab News says that the level of people who used to turn to the gold market before the epidemic has now returned.
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A market goldsmith said he did not expect such high sales this week. The lifting of curfew and a 15 per cent increase in value-added tax, effective July, could be a major factor in the market’s recovery.
While the Corona virus epidemic has hit retailers around the world, it has also hit the jewelry business, the World Gold Council said. Demand for jewelry is down 39 percent from last year, as weddings and other celebrations were suspended.
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Although gold purchases have risen sharply this week, jewelers say sales are still lower than before the lockdown, with wedding celebrations expected in the coming weeks after the curfew was lifted. Demand for gold and jewelery will increase, but this has not happened and the ban has not been lifted.
It should be noted that the implementation of 5% value added tax (VAT) on all goods and services in the Saudi Arabian market to 15% will be implemented from July 1, 2020.
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