JEDDAH: The Ministry of Labor is considering permitting women to work in gold shops and setting the Saudization rate for gold producers at 10 percent, a meeting of traders heard Saturday. Karim Al-Enezi of the National Precious Metals and Gemstones Committee told attendees at a meeting at the World Gold Center in Jeddah that working conditions would have to change to encourage Saudis to find employment in the industry. “Some youths are discouraged by the fact that gold outlets operate seven days a week and shop owners refuse to grant days off because weekends are peak sales days,” Al-Enezi said. “They need to introduce set working hours and grant one day off every week.” The meeting, held to discuss the current state of the gold industry, also looked at the impact of the rise in gold prices, with one Australian specialist noting that demand has risen sharply this year despite high prices. “The growth in demand is high worldwide, at a rate of 18 percent,” he said. “The demand for jewels has risen by 8 percent.” He added that demand in India had gone up by 30 percent and in China by 10 percent. “Studies show that gold prices will continue to rise over the next two years, and I expect the price per ounce to reach $1300 (SR4,875) by 2011, $1405 (SR5,270) by 2012, and $1340 (SR5,025) by 2013,” he said. He also predicted a drop of 13 percent in mid-2013 due to a projected revival of the US and European economies. Muhammad Azzouz of the National Committee for Gold Trade said that a planned goldsmiths' institute in Jeddah will improve workings in the industry by providing instruction for staff. “The institute will work in collaboration with the World Gold Council, the Jewelry and Goldsmiths Organization and the most prominent gold merchants,” he said. “It will be an educational center that will improve skills and experience and train employees in the Kingdom.” The first courses, of between six months and two years, are expected to early next year and cover goldsmith techniques, stone mounting, accountancy, welding and waxing. “The Human Resources Development Fund will support trainees for two years,” he said.
