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sobota, 23 kwietnia 2011

Gold price surge gives rise to fraud in Saudi

A surge in gold prices to record high levels has given rise to fraud in the precious yellow metal in Saudi Arabia, triggering criticism of traders and calls for stopping such practices, newspapers reported on Saturday.
The council of the Saudi chambers of commerce and industry, which controls the Arab world’s largest private sector, met on Thursday and discussed the phenomenon, the newspapers in the largest Arab economy said.
“We call upon all jewelers to check the gold they buy and sell to stop fraudulent practices that have largely increased since the start of the sharp rise in gold prices,” the council said in a statement carried by the newspapers in the Kingdom, the Middle East’s largest gold consumer.
“Given the special status of the world of gold and jewelry and the high confidence enjoyed by jewelers in the society, and out of our keenness to safeguard this confidence, we were extremely upset by recent practices by some weak dealers, who are involved in fraud in gold stamps and quality in order to achieve illegal profits,” the council said after the meeting in the western Red Sea port of Jeddah.
It said these illegal practices are punishable by jail terms of up to two years and a fine of SR400,000 ($108,000). “Those involved could also face suspension of their business for three years in case they repeat their offence within five years.”

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