Gold holds significant importance for many and is considered an essential element of Saudi heritage. Gold and jewelry in Saudi Arabia are characterized by their diverse designs and abundant varieties to meet the varying tastes and needs of customers. In this blog, we will discuss the types of gold available in Saudi Arabia, the key differences between different gold carats, and the various types of gold. Additionally, we’ll provide important tips to help you choose the right type of gold for your customers, as well as shed light on the importance of having accounting software for managing gold and jewelry stores.
Read also: How to Track Manufacturing Costs and Profitability Using Gold Store Management Software.
Types of Gold in Saudi Arabia
Gold in Saudi Arabia comes in various forms to meet the needs and preferences of different customers. Below is a detailed overview of the types of gold available in Saudi Arabia:
Gold Bars
Many individuals invest in gold by purchasing gold bars and holding onto them until gold prices rise in the market, then selling them for a high return. But why gold bars specifically? Couldn’t one invest in gold by purchasing gold jewelry? The answer is that gold bars are the better choice for investment purposes due to their high purity level, reaching 99.9%. They are also available in various sizes, ranging from 1 gram to 1,000 grams, providing flexibility for investors and savers to choose based on their budget.
One of the most popular types of gold bars in the Saudi gold market is the gold ounce, weighing 31.1 grams of pure gold. It is widely recognized and serves as a standard for global gold pricing.
Gold Coins
Gold coins, commonly referred to as gold guineas, are also available in the Saudi gold market. They come in various denominations, such as quarter guinea, half guinea, and full guinea. These coins are known for their diverse designs, including the English George Guinea, Saudi Gold Guinea, and the Turkish Lira.
Gold coins are highly popular in the Saudi market. Their significance extends beyond investment or saving purposes; they are also considered a valuable gift for special occasions and holidays. Some people prefer to keep gold coins as a precious keepsake with high investment value.
Gold Jewelry
Jewelry and ornaments are an integral part of Saudi culture and heritage. The Saudi gold market offers a wide variety of gold jewelry, including sets, rings, earrings, anklets, and more. Saudi gold jewelry is known for its intricate designs, including full-body ornaments, hand ornaments, and gold belts, all crafted with exceptional precision and beauty.
Read also: How to Boost Gold Store Sales Using Salla Platform.
Differences Between 18K, 21K, 22K, and 24K Gold
The term "gold carat" refers to the purity of gold in a piece, as gold is often mixed with metals like copper or silver to enhance its durability and resistance to scratches. Here’s a detailed look at the differences between the most common gold carats:
24K Gold
24K gold, known as the purest gold, contains 99.9% pure gold. It is characterized by its brilliance and luster, making it a favorite for those seeking decorative purposes. However, it is not suitable for daily use due to its high purity, which makes it prone to bending and scratching.
22K Gold
22K gold contains 91.6% pure gold and 8.4% other metals. It is known for its exceptional shine but shares the same drawbacks as 24K gold in terms of being prone to scratches and bending.
21K Gold
21K gold is less pure than 24K and 22K gold, containing 87.5% pure gold and the rest being added metals. It is more durable and scratch-resistant, making it an ideal choice for daily use while still offering decent purity and shine.
18K Gold
18K gold is the most popular carat in the Saudi market due to its durability and versatility. It contains 75% pure gold, making it more resistant to scratches and suitable for crafting intricate jewelry designs. However, it has less shine compared to higher carats.
Differences Between Yellow Gold and White Gold
Yellow gold consists of pure gold mixed with a small amount of other metals to improve its durability. White gold, on the other hand, is an alloy of gold and metals like platinum, silver, or nickel, giving it a silvery-white appearance. White gold is often plated with rhodium to enhance its shine and scratch resistance, although it requires periodic maintenance due to the rhodium coating.
The choice between yellow gold and white gold ultimately depends on personal preference and the type of jewelry a customer prefers. Some women favor the classic, warm appearance of yellow gold, while others opt for the modern, sleek look of white gold.
Why Some Prefer Rose Gold
Rose gold is a stunning and unique metal that captivates attention with its soft pink hue. It is created by blending 24K gold with a specific proportion of copper, which gives it its distinct color, sometimes mixed with silver to adjust the shade.
Rose gold is favored by many for its elegant blend of modern and classic styles. Designers often incorporate rose gold into various jewelry pieces like bracelets, earrings, and rings, making it suitable for both casual and formal looks.
Tips for Choosing the Right Gold for Customers
Selecting the appropriate type of gold for customers depends on several factors:
- Purpose of Purchase
- Customers buying gold for investment or saving purposes usually prefer 24K gold, opting for gold bars and coins over jewelry. On the other hand, those buying gold for adornment often choose 21K or 18K gold for its durability and scratch resistance, suitable for daily use.
- Customer Budget
- Understanding the customer’s budget helps in narrowing down the available options to match their financial capacity.
- Personal Preferences
- Discussing personal preferences ensures a tailored shopping experience, saving time and improving customer satisfaction.
The Importance of Accounting Software for Gold and Jewelry Stores
Having efficient accounting software for managing gold and jewelry stores significantly enhances operational efficiency, saves time, and ensures accurate data handling. "Qirat" is one such accounting software specifically designed for gold and jewelry stores in Saudi Arabia. It offers precise inventory management, generates detailed financial reports, and tracks real-time gold prices globally, enabling error-free sales and purchases.
Contact us to learn more about Qirat’s features and how to purchase it. Our customer service team is ready to answer all your questions and inquiries.
In conclusion, gold holds a prominent place in Saudi culture and heritage. Saudi jewelry is renowned for its diverse designs and types, catering to various customer needs and tastes. Through this blog, we’ve explored the different types of gold in the Saudi market, highlighted the differences between gold carats, and shared tips to enhance customer experience. We also emphasized the importance of having specialized accounting software to optimize the efficiency of gold and jewelry stores.