Khaberni - Rabhi Allan, the head of the Jewelers and Jewelry Traders, confirmed that there is no such thing as Chinese or Russian gold in the local or global market, adding that these designations are completely unfounded and have no relation to real gold jewelry.
He explained in a talk via Hayat FM radio, that gold is not manufactured but mined from natural mines around the world; it then undergoes refinement and purification processes at specialized refineries to produce 24-carat raw gold, which is pure and not used in jewelry making due to its softness and malleability.
He detailed that factories add copper and silver to the raw gold to decrease the carat and make it harder and more malleable, making it ready for use in making various carat jewelries.
He added that Jordan relies on raw gold imported from international refineries in countries like the UAE and Switzerland, reaffirming that this is the only method approved in gold making.
Regarding gold prices, Allan clarified that the recent decrease in prices is natural after two years of continuous rise, pointing out that the market needed a correction phase after a two-year climbing period.
He mentioned that the closing of the global exchange at 4000 dollars per ounce last Friday marks the beginning of this correction phase, resulting from investors taking profit actions in the global markets.
He noted that among the factors affecting this decline are: global geopolitical developments, the U.S. Federal Reserve's interest rate cuts, Trump administration tariffs, and the U.S. government shutdown.
Gold prices rose by 50 piastres -
Gold prices in the local market rose on Saturday by 50 piastres per gram, according to the pricing issued by the General Union of Goldsmith Shops and Jewelers and Jewelry Traders.
The price of a gram of 21-carat gold reached 81.4 dinars for selling purposes from jeweler shops, compared to 78 dinars for the buying side. Prices of a single gram of 24, 18, and 14-carat gold for selling purposes from jeweler shops were at 93.2, 72, and 54.70 dinars respectively.
