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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (49878)	3/2/2000 2:14:00 AM
From: Alex	Read Replies (1) \| Respond to of 116893

Saudi annual gold sales at $5 billion By Joseph B. Abboud BEIRUT, March 1: Gold merchants and gold jewellery makers in Saudi Arabia estimate the sales of gold in the Saudi market at 5 billion dollars annually, 75 per cent in the form of jewellery and ornaments. They said the slump in gold prices had encouraged Saudi investors to establish factories and workshops for making gold articles. There are now 40 major factories and 300 specialized workshops in Riyadh alone. According to available statistics, the average per capita consumption of gold in Saudi Arabia is 30 tons higher than in India which is listed among the highest gold consuming countries in the world. India consumed more than 75 tons of gold last year. The demand for gold in the Middle East represents 20 per cent of the world's total demand according to the statistics released recently by the World Gold Council. The kingdom started producing gold at the end of 1988 through Mahad Adhdhahab Gold Mine and Al-Sukhariat Gold Mine. Mahad Adh-dhahab Gold Mine is one of the largest gold ones and has a gold concentration of 26.7 grams per ton of ore. In the 1980's the Kingdom produced about 164,000 ounces of gold. dawn.com