RIYADH: Saudi Arabia is mulling over creating gold refineries within the Kingdom as it aims to cut down on sending the metal abroad for processing, according to an industry leader.
Karim Al-Enezi, head of the Precious Metals and Gemstones National Committee at the Saudi Council of Chamber, told CNBC Arabia TV that refining Saudi gold in Switzerland eats into almost 35 percent of the actual profits.
To resolve this issue, the committee discussed establishing a gold refinery in the Kingdom with the Ministry of Industry and Mineral Resources.
Al-Enezi revealed that Saudi Arabia has the capacity and readiness to open a gold refinery, and expressed his hope that a new facility will be launched in the Kingdom soon.