(MENAFN- The Peninsula) By Sanaullah Ataullah | The Peninsula
Some local traders are looking at new markets like Italy and Singapore for the import of gold jewellery as an alternative to siege countries to meet the requirements of local markets.
The traders told The Peninsula that they hoped the gold jewellery from new markets would not be expensive because the customs duty is the same from all exporting countries.
'So far, we have enough stocks to run our business and we hope that the blockade will be lifted soon, Abu Abdullah, the manager of a gold shop operating at Gold Souq, said. 'We are expecting a meeting of our management soon to discuss the new markets, he added.
'Apart from the jewellery that was coming from neighbouring countries, we have been selling items of some international brands like those from Italy and Germany and they are quite popular among our customers, and so these countries could be potential new markets.
'The products of these brands were coming indirectly through neighbouring countries but now we plan to go directly to these countries if the blockade persists for long, said Abu Abdullah.
'We were importing gold in large quantities from Bahrain and the UAE to meet the requirements of our customers who are mostly Arabs, including Qatari s and citizens of other GCC states and those belonging to other Arab countries, said Azimullah, a salesman at a gold shop .
Bahraini products are very popular, especially among Qatari citizens because of Arabic traditional design with modern touch. 'Our company imported about 12kg gold jewellery from Dubai and 15kg from Bahrain within each two months to meet the demands of its all three outlets, he added
'We also have an option to increase the local productions as we have enough skilled designers. Already we are making jewellery of different varieties like rings, lockets, chains, bangles and bracelets, among others, from melting about 1kg gold of scrapped jewelries on a monthly basis.
Regarding the prices of gold jewellery that would be imported from new markets, Azimullah said: "We would like to assure the customers that it will not be expensive because technically we have to pay five percent customs duty regardless of the countries we are importing from.
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