Gold Market in Jeddah

[Karatage]

Hello.
This is my first time posting and I'm very glad to have found this forum. I need a reality check, please. I recently discovered the gold market in Jeddah, Saudi Arabia--and I am completely hooked/addicted. Over the past four months, I went from being a basic jewelry buying customer to a complete gold bug. Thank god DH is onboard with my "entertainment". I check gold prices daily. I visit the gold market at least three times per month. I'm learning all about Saudi gold and the local gold market, including Saudi gold mines. The sheer volume of high karat gold jewelry here is astonishing. I have never seen gold jewelry sold by the kilogram; gold bullion; gold pieces from Saudi, Bahrain, Turkey, Dubai...it is all so very beautiful!

With the recent drop in gold prices, I take every opportunity I can afford to browse the stores and look for interesting pieces (like the earrings below). 21k gold price is around $48/gram at the market, I want to seriously stock up while I'm here.

Has anyone else had a similar experience? If so, where?

Thanks...

 

[AGBF]

Those are beautiful earrings, Karatage. When I used to buy jewelry in Italy (the back alley streets of Genoa), the gold was always weighed. I wasn't buying high karat gold as you are, however, just regular 18K jewelry. What country are you from originally? Mrs. Akin, who is from Turkey, seems to be able to find beautiful gold jewelry, too.

Deb/AGBF

 

[Karatage]

Hi Deb/AGBF,
Thank you. Combined, the earrings weigh nearly 8 grams and they feel great to wear. I'm from the US--the Washington, DC area and will be in Jeddah until the summer of 2014. I've been to several jewelry markets in the region but I have never seen a gold market like this. Yes, gold jewelry is sold by weight, which is a really interesting approach to buying jewelry. I can say that Italian jewelry here at the market immediately stands out from the rest of the jewelry. First, it is always 18k, as you said, and secondly the design is noticeably different--much closer to jewelry I'd find in Europe. Also, the Turkish pieces I see here in Jeddah are stunning! From what I hear, Turkish high karat gold pieces are sought after. It also seems that Turkish 21k may have less copper in the alloy because it is whiter than some of the Indian 21k pieces I see, for example. I hope to return to Turkey soon to buy some gold jewelry there. Istanbul is an amazing place to shop and explore.

Anyhow, I'm really enjoying my new hobby and have setup a Twitter account in order to share my experiences and purchases at the gold market (@karatage1). I'd like to take a camera with me to get a few photos of the market...trouble is, picture-taking here can be a bit tricky and I don't want to draw any additional attention.

Claudia

 

[JewelFreak]

Claudia, those earrings are gorgeous! I have a serious case of envy. The gold market must be a rare experience -- can imagine walking around there with my eyes just glittering gold. And at those prices, you are very smart to load up as much as you can. You'll wear those pieces forever.

I'd love to see more of your acquisitions! I'm not on twitter, so it would have to be here, if taking pics isn't too much trouble, pant pant.

Welcome to Pricescope! When can I come visit you?

--- Laurie

 

[Karatage]

Hi Laurie,
Thanks, I'm glad you like the earrings. I've posted below photos of perhaps the one item I bought that amazes me each time I look at it. I love the clean design and the fit. I visited a new gold market last night and posted a few photos on my Twitter account. It was very hot and humid, so I rushed through a couple of shops.

As for a visit to Jeddah to explore the gold markets, wow--that would be great. Unfortunately, there is no tourism travel to Saudi Arabia, meaning, the Saudi Embassy does not issue tourist visas. Foreigners who are here in Saudi Arabia are here for work purposes or religious reasons. It's unfortunate because the Kingdom has a lot to offer in addition to gold. Stay tuned and I will try and keep photos coming and I may start a Facebook page if I have the time. Please feel free to contact me off-line via email.

Claudia

 

[Karatage]

My daughter snapped this photo from the balad gold market last night.

 

[MrsAkin]

Hi Karatage,

I see that Deb kindly mentioned my name so I wanted to write a few words. I live in Istanbul and every jeweler here sells gold by weight - except the fancy stores in the malls. Like you, I check gold prices daily. I'm also a frequent visitor of Grand Bazaar which I think would really satisfy your addiction.

The prices seem to be rising for the last few days but not so much that you shouldn't buy gold. I recommend you to save your money for bigger and more significant jewelry purchases. I understand that you want to take advantage of low gold prices, why don't you buy coins until you see something that will be an heirloom piece?

I'd like to see what kind of Turkish jewelry pieces you have there! My husband and I were planning to go to Saudi Arabia for religional purposes but our plans fell through as we're expecting a baby. It would be nice to see hear what life there is like.

 

[ladidalola]

WOW that's all I can say. I have a serious case of envy right here. I love your jewelry! Please post more pics

 

[Karatage]

Hello Mrs. Akin.
It is nice to meet you. You are right, Istanbul is a great place for jewelry shopping. We visited in 2008 and would really like to return for more gold and carpets--my other weakness. Well, I have been in Jeddah for nearly one year. It was a bit tough adjusting in the beginning but I am doing better now. Congratulations on your baby, this is the best gift in the world. I hope you do make it to Saudi Arabia for pilgrimage, and if you pass through Jeddah, please send me a message and give me a heads-up!

As for your comments on buying gold, I really appreciate the advice. You are right about saving up and waiting to buy heirloom pieces. I have my eye, in fact, on a Turkish necklace, earrings, and bracelet set but it will cost approximately $3000, so I'll have to wait. In the meantime, you are very right, buying smaller quantities of coins and wafers is a good way to take advantage of the price of gold. Thanks for the recommendation. As you can tell, while I've been in the Middle East for years, this is the first time I've been exposed to the gold market in this way. It's a lot of fun but can be financially dangerous! On the plus side, though, this is a great way to get out and meet other ladies here in Jeddah and online

Claudia

 

[Karatage]

Thanks, Ladidalola. I'm glad you like the ring. As time permits, I'll upload some more photos on Pricescope. I also try to keep my Twitter account @karatage1 with up-to-date comments and photos.

Take care,
Claudia/Karatage

 

[AGBF]

This is a beautiful thread and I envy both of you ladies who have access to bazaars like the gold market in Jeddah and the market in Istanbul. It is very, very hard to obtain high karat gold pieces here in the United states, although it has become a little easier in the past five years. (I have kept track of threads on Pricescope on yellow gold versus white gold and platinum and especially threads on high karat gold.)

Claudia, I want to make sure that you are aware of the thread known as, The Gold Thread. I asked Mrs. Akin to post some of her gorgeous jewelry there and she obliged. If you have the time, I would love to see your earrings from Dubai posted there...and any other gold jewelry you have time to share with us!

The Gold Thread...[URL='https://www.pricescope.com/community/threads/do-you-have-a-favorite-gold-designer.29197/page-49']https://www.pricescope.com/community/threads/do-you-have-a-favorite-gold-designer.29197/page-49[/URL]

Hugs,
Deb/AGBF

Diamonds Are A Girl's Best Friend

 

[Karatage]

Alright! I'll check out the link. Looks like the gold thread may be my new favorite hangout!

Claudia

 

[RosieR]

Hi Karatage
You could try Dubai gold souk, on the Deira side of the creek. They have a very similar set up there also. It could make a nice weekend trip away from Saudi when you get the chance Also try the Dubai Gold and Diamond park, but careful there, you don't want to end up with a nasty diamond habbit too

R

 

[AGBF]

Hi Karatage
You could try Dubai gold souk, on the Deira side of the creek. They have a very similar set up there also. It could make a nice weekend trip away from Saudi when you get the chance Also try the Dubai Gold and Diamond park, but careful there, you don't want to end up with a nasty diamond habbit too

R

Do you want to tell us more about the Dubai Gold Souk and the Dubai Gold and Diamond Park, RosieR? I assure you, you have our full attention!!!

Deb

 

[JewelFreak]

Your ring is FABULOUS, Claudia. Just gorgeous. I'd like a bracelet exactly like it. The photo of the gold market made me blink! It would be hard to pick individual pieces out from all that glory. Mrs. Akins's pieces are very special, hope you enjoy browsing them on the gold thread. Any time you feel like posting pictures, we'll be waiting & panting!

--- Laurie

 

[manderz]

Hi Laurie,
Thanks, I'm glad you like the earrings. I've posted below photos of perhaps the one item I bought that amazes me each time I look at it. I love the clean design and the fit. I visited a new gold market last night and posted a few photos on my Twitter account. It was very hot and humid, so I rushed through a couple of shops.

As for a visit to Jeddah to explore the gold markets, wow--that would be great. Unfortunately, there is no tourism travel to Saudi Arabia, meaning, the Saudi Embassy does not issue tourist visas. Foreigners who are here in Saudi Arabia are here for work purposes or religious reasons. It's unfortunate because the Kingdom has a lot to offer in addition to gold. Stay tuned and I will try and keep photos coming and I may start a Facebook page if I have the time. Please feel free to contact me off-line via email.

Claudia

This ring is beautiful! I love it!!

 

[Karatage]

RosieR,
The Dubai gold souk is next on my list. I have not been to Dubai to shop and would like to go once the temperature comes down. Hard to believe, but yesterday here in Jeddah was the hottest day ever--at least that I have felt--118 degrees Fahrenheit at 2pm!

Please do share more tips on Dubai gold shopping. If I'm bewildered here in Jeddah, I can imagine how I'll be in Dubai!

--Karatage

 

[Karatage]

Hi Laurie,
I started browsing some of Mrs. Akin's gold yesterday. Really beautiful! I can't believe that golden cuff (not sure what it is called...) As for your interest in a bracelet to match the ring, I know the company has a matching bangle in the same design. There is also a matching necklace pendant and earrings. On my next visit, I will try to get a photo of the bangle and necklace set, if you are interested.

Claudia/Karatage

 

[RosieR]

RosieR,
The Dubai gold souk is next on my list. I have not been to Dubai to shop and would like to go once the temperature comes down. Hard to believe, but yesterday here in Jeddah was the hottest day ever--at least that I have felt--118 degrees Fahrenheit at 2pm!

Please do share more tips on Dubai gold shopping. If I'm bewildered here in Jeddah, I can imagine how I'll be in Dubai!

--Karatage

Hi again Karatage,
Try and stay cool in that heat and humidity, what ever you do don't dare turn off the air conditioning!!
The gold and diamond park is more like a mall that is dedicated to gold and diamonds as this is all that is sold there. They sell by weight, but its a bit harder to bargin there due to their overheads
http://www.goldanddiamondpark.com/en/Default.aspx
Any Dubai taxi will be able to get you there, or the Gold souk in Deira.
When it comes to the gold souk I personally think it would be best to wait till the winter months as this souk is mainly outdoors with a canopy. Also make sure that you go at night, as more of the shops will be open than if you go in the morning. They still work spilt shift here so not much is open after lunch.
One thing I was shocked by was last year Damas (the jewellery chain store very popular in the middle east) went on SALE!!?? I spoke to my mother about this (who is still living out in Dubai) and apparently this happens every couple of years or so. So check the local news (Gulf news Khaleej times etc) they advertise like crazy.
Have fun and please do show us pictures of your beautiful high carat gold
R

 

[Karatage]

Hi RosieR. Thank you for the tips on Dubai's gold and diamond market. I browsed the link you provided to the shopping center, wow--world-class! We also have Damas stores all over Jeddah, i will keep an eye out for a sale....they have a beautiful butterfly-theme collection of necklaces and earrings. When were you in Dubai? I'd love to see some of your jewelry purchases from Dubai, if you have pics.