Latest News
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
- Peddlers Caught With Drug Pills And Crystal Meth
- PAFN Shuts Down Restaurants And Bakeries Over Violations
- MoI Officer And Lawyer Jailed On Fraud Charges For Bad Cheques
- Thousands Of Bangladeshis Gathered To Pray For Rain
- Kuwait University Symposium Addresses Student Counselors' Role I...
- Kuwait Affirms The Importance Of Group Work In Addressing Common...
Investment In Precious Stones Leads To Loss For Buyers
Many people who bought precious stones as fallback for the rainy days have been caught unawares by the current market situation whereby they could lose up to 70 percent of the money they spent on acquiring the precious stones, especially since they cost not less than three-digit figures compared to gold which can be bought at a single-digit cost.
According to the Executive Director of Kuwait Casts Company Rajab Hamid, 90 percent of precious stones in Kuwaiti market are diamond. Other types available in the market include emerald, sapphire, agate, turquoise and aquamarine. He revealed that the major purpose behind buying precious stones in Kuwait is to serve as jewelry, but the consumers always consider precious stones as valuable assets, which he considers as a wrong notion.
Hamid stated that reselling precious stones in no distant time reduces the rate of loss or accomplishes minor profit, but the loss could be as high as 70 percent at the long run, adding that selling back the precious stones where they were bought reduces the rate of loss but it is worse when resold elsewhere.
He said, “The idea of investing in precious stones in Kuwait is not worth it because it requires a special bourse that is not available here but can be found in places like Singapore or Dubai”.
Meanwhile, Vice Chairman of Kuwaiti Gold and Jewelry Traders Association Nasser Al-Sayegh explained that those who buy precious stones in Kuwait are of two types. One type of buyers buys them for personal use, while the other for investment purpose.
However, not all types of precious stones available in Kuwaiti market are worthy of investment. He stressed that the best types have special specifications that can be identified based on personal experience and those are profitable when the buyer wants to resell.
Al-Sayegh indicated that the rate of dealing in precious stones is higher than the gold market when the value is put into consideration especially since the cheapest diamond costs around KD 1,000. He revealed, “The department that values precious stones at Ministry of Commerce and Industry is not competent and do not have the right capabilities to evaluate them. Even the precious stones laboratory in the ministry has not obtained the ISO certificate”.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
Comments Post Comment