By Innovation-sa on November 27, 2017 in News
With the Saudization of gold and jewellery shops to commence in 5 days, hundreds of shops are at a threat of closing down soon.
The Ministry of Labor and Social Development issued an order last month demanding gold and jewellery shops to adhere to the Minister’s decision issued earlier in 2007 to nationalize gold and jewellery sector.
Mohammed Jameel Azouz, deputy chairman of the precious metal and gemstones committee asked gold and jewellery shops to employ Saudi citizens in all salesman positions in two weeks.
Khalid Aba Al-Khail, spokesperson for Saudi Ministry of Labor and Social Development at the Jeddah Chamber of Commerce and Industry (JCCI) said that Saudi’s are particularly uninterested in working in the gold and jewellery sector and the ministry should reconsider the decision as many jewellery shops are struggling to find eligible Saudi employees.
Several workshops and training courses have been conducted to train young Saudi’s to work in the gold market, but most of them found the job unappealing in comparison to the more attractive and secure jobs in the government sector, he added.
As a result, many businesses would be affected with the ministry’s decision to nationalize gold and jewellery shops in less than two weeks. He said out of 330 gold and jewellery shops in Jeddah, he personally believes Saudization would lead to closure of 30 percent of the shops and others will reduce the number of branches.