A Saudi man shows jewelry to a Saudi family at a shop in Riyadh in this file photo. (AN photo)
RIYADH: Consumers in Saudi Arabia began receiving SMSes on their mobile phones encouraging them to sell their gold and to take advantage of the high gold prices.
These messages were being sent despite the fact that World Gold Council (WGC) suspended its activities recently in Saudi Arabia, saying that the market has become too weak and that countries such as China and India are more attractive than the Kingdom for bullion traders.
The statement by Aram Shishmanian, CEO of the WGC, was announced following his recent trip to Saudi Arabia.
In a rare move, some prominent gold shops in Riyadh began sending SMSes to their customers encouraging them to sell their gold and to take advantage of the high prices, Muhammad Al-Shammari, gold shop owner, told Eqtisadiah, adding that following the WGC decision, prices of gold increased dramatically.
This encouraged him to contact his customers to notify them about the high prices and encourage them to sell gold and make a profit.
Turki Homoud, member of the gold committee at the Riyadh Chamber of Commerce and Industry, said that the SMSes sent to customers aim at bringing people to the shops and then offer them a new selection of gold ornaments to buy from. He said that the main task is to sell to customers and not buy from them.
Homoud said that the Saudi gold market is buoyant and is not affected by the WGC decision.
Source; http://arabnews.com/saudiarabia/article528563.ece
The statement by Aram Shishmanian, CEO of the WGC, was announced following his recent trip to Saudi Arabia.
In a rare move, some prominent gold shops in Riyadh began sending SMSes to their customers encouraging them to sell their gold and to take advantage of the high prices, Muhammad Al-Shammari, gold shop owner, told Eqtisadiah, adding that following the WGC decision, prices of gold increased dramatically.
This encouraged him to contact his customers to notify them about the high prices and encourage them to sell gold and make a profit.
Turki Homoud, member of the gold committee at the Riyadh Chamber of Commerce and Industry, said that the SMSes sent to customers aim at bringing people to the shops and then offer them a new selection of gold ornaments to buy from. He said that the main task is to sell to customers and not buy from them.
Homoud said that the Saudi gold market is buoyant and is not affected by the WGC decision.
Source; http://arabnews.com/saudiarabia/article528563.ece
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