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27-04-14

Saudi hits 7 percent of global diamond trade

(MENAFN) The Saudi trade and business in diamond totaled 7 percent of the global trade in diamonds, according to Arab News. Marwan Haddad, a jewelry expert, stressed of the Saudi jewelry shows' role at the Saudi global position (7 percent), thanks to its high purchasing power. The global volume of trade in precious stones is estimated at USD25 billion annually of which one-fifth goes to the Saudis. Jewelry sales are expected to increase during year-end school vacation by 20 percent, which comes simultaneously with Ramadan, wedding parties and Eid-al-Fitr festivities.