Latest news with #CityofGold
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Iraq Launches 'City of Gold' in Baghdad to Boost Non-Oil Economy and Jewelry Industry
Waleed Farouk In a move with significant economic and strategic implications, Iraq has officially launched the 'City of Gold' project in the capital, Baghdad — the country's first zone dedicated to the manufacturing and marketing of gold and jewelry. The initiative is part of a broader government plan to stimulate the non-oil industrial sector, create jobs, and elevate Iraq's regional standing in the gold jewelry market. An Integrated Hub for Gold Manufacturing According to Haider Makiya, Chairman of the National Investment Commission, the project falls under the state's economic diversification strategy, aiming to reduce reliance on oil revenues and stimulate national income. The city will be established on nearly 50,000 square meters in the Al-Nahda area of Baghdad and will feature workshops, factories, and refineries for gold processing, along with specialized training centers in jewelry design and craftsmanship, and commercial markets for both local and international gold products. Makiya explained that the project will be carried out as an investment venture in cooperation with the Trade Bank of Iraq (TBI), which will fund and support its execution phases. This will enable the participation of both local and international private sectors and attract global luxury brands to the Iraqi market. Reviving a Neglected Sector Iraq's gold sector suffers from a lack of supporting infrastructure and limited domestic manufacturing, resulting in a heavy reliance on imported finished gold — particularly from Turkey and the UAE. Project leaders hope that the City of Gold will reverse this trend and transform Iraq from an importer into a regional hub for production and export. Mohammed Naeem, Advisor to the Prime Minister on Investment Affairs, noted that the project goes beyond establishing a marketplace. It envisions a comprehensive ecosystem, including technical education and workforce development, by founding a vocational institute to train young people in gold craftsmanship, especially amid growing demand for skilled labor in the industry. Positive Market Reactions The project has been met with enthusiasm from economic circles, with experts saying it could represent a turning point if linked to broader reforms in the sector's legal and financial frameworks. Economist Nabil Al-Marsoumi commented that the City of Gold reflects "localization of a traditional industry with high added value" and could contribute to improving the balance of payments through future exports. Meanwhile, the Iraqi Goldsmiths Association has called for the inclusion of local artisans and traditional workshops in the design and operational phases to ensure skill transfer to younger generations and avoid monopolization by large companies. A Regional Outlook Iraq's City of Gold emerges at a time when the region is seeing intense competition in the jewelry industry, with established centers like Dubai, Riyadh, and Cairo. However, Iraq is banking on its rich heritage in precious metal craftsmanship and a vibrant domestic market to reposition itself as a key player in the field. Amid the many challenges facing Iraq's economy, the City of Gold presents a promising opportunity — not only to revive a long-neglected sector but also to reshape the country's image as a hub of innovation and manufacturing. If successful, the project could pave the way for a new 'Made in Iraq' label in the world of gold and jewelry in the coming years. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
Khaleej Times
07-07-2025
- Business
- Khaleej Times
Dubai gold shopping guide: 15 tips for buying jewellery, diamonds, and gems
Dubai has long earned its reputation as a global hub for gold jewellery. Known as the "City of Gold," it attracts not only residents but also tourists from around the world who come to purchase exquisite ornaments for weddings, as gifts, or for their collections. Despite high global gold prices, jewellers in Dubai say that shoppers can still make smart, cost-effective purchases by following a few strategic tips. These guidelines not only help buyers save money but also ensure they invest in certified diamonds and genuine gold pieces. Recommended For You According to recent data, gold jewellery demand in the UAE declined by 7.9 tonnes in the first quarter of 2025 — an 18 per cent year-on-year drop —largely driven by record-high gold prices amid ongoing geopolitical tensions and trade war concerns. Stay up to date with the latest news. Follow KT on WhatsApp Channels. As of Sunday, 24K gold was trading at Dh402.25 per gram, while 22K gold stood at Dh372.25 per gram. To help consumers navigate this high-price environment, Dubai jewellers have shared 15 practical tips that could lead to significant savings: Time your purchase – Shop during major sale events like Dubai Shopping Festival, Dubai Summer Surprises, Eid, or Valentine's Day Compare prices across stores – Visit multiple jewellers to compare prices, craftsmanship, and collections. Request a price breakdown – Always ask for the gold rate, making charges, and VAT to be quoted separately. Check daily gold rates – Gold prices fluctuate; ensure you know the rate on the day of purchase. Negotiate making charges – Making charges can vary widely between retailers, so don't hesitate to negotiate. Look for loyalty programmes – Some jewellers offer points or rewards for repeat customers. Explore discounts and cashback offers – Malls and banks often partner with stores to offer exclusive deals. Use credit card offers – Many credit cards offer instant discounts or 0% instalment plans. Check certifications and policies – Ensure all jewellery comes with proper certification and clear return policies. Verify diamond certification – Diamonds should come with IGI or GIA certificates. Ask about after-sales services – Look for buyback guarantees, exchange options, and lifetime service warranties. Inquire about VAT refunds – Tourists may be eligible for VAT refunds on purchases. Discounts on making charges – Many stores offer promotions on the making charge portion of the price. Look for diamond discounts – Some stores offer flat percentage discounts on diamond jewellery. Take advantage of bundle offers – Consider sets or combos that come with free gifts. By following these tips, shoppers can make informed decisions, get the best value, and enjoy a seamless jewellery-buying experience in Dubai.
eNCA
02-05-2025
- Entertainment
- eNCA
Family drama 'Sabbatical' hits SA big screens
JOHANNESBURG - Karabo Lediga's debut film titled SABBATICAL is set to be released in cinemas nationwide next Friday. The local film boasts an exceptional team and cast. It's about ambition, family and buried truths. READ: City of Gold | Movie promises thrilling cinematic experience Director of SABBATICAL, Karabo Lediga and Actress Clementine Mosmane had a discussion with eNCA on their upcoming movie to hit SA big screens.
