Thursday, 24th March 2005 (3230 views)

A new survey in the Middle East has called for a reduction of the customs duty on imports of gold from 12 per cent to five per cent.

It is thought the duty is encouraging gold businesses to move to neighbouring states, according to MENAFN.

According to the Saudi Economic Survey the duty reduction would help support local gold factories and related businesses.

In addition it would mean the companies would be able to compete more effectively.

Businessman in the gold trade believe the move would reduce a lot of issues in the industry.

Saudi Arabia is now seen as a leading country in the gold industry in the Middle East and it consumes the most gold in the Arab world.

 

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