Saudi Arabia: Saudi Arabia’s gemstones and jewelry sector is set to attract investments worth SR700 million ($186 million) over the next five years, led by Al-Safa Group, according to Ali Batarfi, vice chairman of the National Committee for Precious Metals at the Makkah Chamber of Commerce and CEO of the group.

Speaking to Al-Eqtisadiah, Batarfi said the investments will include the establishment of several factories and training institutes in Jeddah from 2026, alongside a gold refinery, advanced jewelry manufacturing facilities, and an education and research center.

Al-Safa Group’s General Manager, Abdulkarim Kolthody, said on the sidelines of the opening of the “Jewel of Saudi Arabia 2025” exhibition that the initiative aims to expand the company’s wholesale and retail network across major Saudi cities.

The exhibition, which opened on Dec. 15, will run until Dec. 17.

Implementation phases

The company will roll out the plan in phases, starting in Jeddah, followed by Riyadh and the Eastern Province, with plans to open an additional 15 retail branches across other regions.

Kolthody added that a training institute will be established in Jeddah to provide high-quality refining, production and retail services, while developing a new generation of Saudi professionals in the sector.

Spanning more than 10,000 sq. meters, the exhibition serves as a platform for networking and showcasing global, regional and local brands.

It also supports the jewelry and machinery sector by promoting innovation and creativity, while fostering collaboration between leading international and local companies.

The event features 250 exhibitors from Saudi and international firms specializing in high-end jewelry, watches and rare gemstones.