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Saudi: Fake Gold Jewelry Floods Market

A video posted on Twitter by a member of the Precious Metals Committee explaining the ways some gold manufacturers manipulate the weight of gold and diamonds has attracted significant attention in Saudi Arabia, raising the question of the authenticity of gold in the Kingdom.

In the video, Mohammed Azooz said cover-ups have made many Saudi gold sellers lose power over the market, and that industry was being controlled by non-Saudis.

This is not the first time the fake gold issue has been raised. The price of one kilogram of 24 karat (k) gold in the Kingdom can reach SR185,000 ($46,700).

Gold and economic experts say that the movement in gold prices depends on numerous factors such as political and economic events around the world, the price of the US dollar in banks, black markets, as well as the supply and demand trends in global stock markets.

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