Gold and Silver Buyer’s Guide – Saudi Arabia

I can’t give a comprehensive guide to purchasing bullion in the Kingdom of Saudi Arabia [KSA], as I personally haven’t done the leg work myself, but I can point you in the right direction to companies you should check out, and using the knowledge you should have gained from the buyer’s guide, you will be able to judge what is a good deal and what isn’t, and hopefully comment on your findings. :)

Saudi Arabia is the largest country in the Arabian Penninsula and is the largest producer of oil in the world. Saudi Arabia has an LBMA approved gold mint since July 2010, L’Azurde, but unfortunately the company only deals in gold jewellery and not bullion. According to the World Gold Council (WGC) as of June 2010, the Saudi Arabian central bank has 322.9 tons of gold, equivalent to 2.7% of its total reserves. Gold and silver mining in Saudi Arabia has been going on since the Saudi government setup Ma’aden (Saudi Arabian Mining Company) in 1997 and half of the company went public in July 2008 (stock symbol 1211 on Tadawul). Another company dealing in gold exploration is Arabian Gold. Saudi Arabia will soon be the home of the world’s largest gold factory, which is currently being built by Taiba for Gold & Jewels Co. Ltd. in Jeddah’s Industrial Estate-II and covering an area of 22,000 square meters. Saudi Arabia is the largest jewellery manufacturer in the Middle East, which is being done by around 10 to 15 large companies situated mostly in and around Jeddah, Riyadh and Damman and produces mainly 21 karat jewelry. Popular times of year to purchase gold and silver are during religious holidays including Ramadan (Islamic month of fasting) and Eid-Al-Fitr (celebration after Ramadan), Hajj (yearly pilgrimage to Makkah), Eid-Al-Adha (celebration after Hajj), and the wedding season.

Saudi Arabia Gold and Silver Prices

I would assume that the daily gold (Au / XAU) and silver (Ag / XAG) prices would be published in the forex sub-section of the business section of the daily English and Arabic newspapers in Saudi Arabia, as they are done in the Emirates and Qatar. You can find the current gold price in Saudi Riyals (SAR) at GoldPriceWeb.com, GoldPriceRate.com and GoldPriceNetwork.com, while the current silver price in Saudi Rials can be found at GoldPriceData.com.

Gold and Silver Spot Price in US Dollars (USD) and Saudi Arabian Riyals (SAR) per Troy Ounce

If you wish to do the calculations on your own, then take the spot silver or gold price found on sites like kitco.com and multiply it by 3.75 and then divide that by 31.1 to get the price per gram, or in short – multiple the spot price by 0.120579. The actual gold price per gram will likely be 3 to 10 riyals over the spot price including its making charge.

Where to Go and What to Buy?

Where ever you are in Saudi Arabia, you should head to the gold souks (indoor or outdoor market areas with many jewellery shops) in order to find gold and silver bullion. You should also check in the official yellow pages for gold and silver shops near you. I have read that you can find bullion in a number of money exchanges, which is similar to Qatar, like Al Amoudi (they confirmed that they dont) and Al Rajhi. Other places that you can find bullion would be in the jewellery shops in shopping malls, though it will likely be slightly more expensive than the souks, especially the regionally known jewellery shops like Malabar Gold, Damas, and Joy Alukkas.

Gold bullion in Saudi Arabia is primarily Swiss with the Lady Fortuna (PAMP/HTBM Suisse) design on it, as packaged/assayed small bars from 1 to 100 grams. Investment grade gold bars like the 116.6 gram (ten tola/TT) bars from Credit Suisse and 1 kilogram bar will also be found. Its possible that you could find Swiss silver bars in Saudi, but I’d assume the premiums would be quite expensive. Silver bullion bars in Saudi Arabia will likely be primarily minted by Dubai-based Emirates Gold. Someone had mentioned to me that they found Emirates Gold 1 kilogram silver bars in Saudi Arabia, but I wouldn’t recommend it be purchased if its premium is over 200-300 riyals over the spot price. The Saudi Arabian Silver Riyal coin is widely available and is currently selling for 60-65 riyals (as of Jan 2012, which is a ~70% premium over it silver content). Another silver coin that is widely available in the Maria Theresa Thaler (MTT) central european 28 gram 22 karat silver bullion coin that is currently selling for 140 riyals (as of Jan 2012, which is a ~50% premium).

As most of the shopkeepers are local Saudis, Arabic will be the main language of communication, though they will know basic English terms like gold, silver, karat, tola, grams, etc. So here are some of the words in Arabic – dha-hab (gold), fid-du (silver).

Central Region – Riyadh

Riyadh has a number of gold souks, with the most popular one being located near the But-haa shopping area in Al Markab district. The Batha gold market jewellery shops are located along Al-Rass Street in Souk Al-Qasman [map] near the Nesto Hypermarket. If it is difficult to find parking (this normally happens on the weekends), the 4th to 6th floor of the Nesto Hypermark building is for parking (flat rate of SR 3 or free if you show them a Nesto receipt). Otairi Trading [01-4864411] is a shop in this area that is a wholesale gold dealer that has the lowest premiums (approx. 1 riyal over spot). Another shop to check out is Al Seary Gold and Jewellery [01-2873013], who have PAMP gold bars and pendants, Malabar gold coins, turkish Nadir Metal Rafineri 1/2 kilo silver bar, silver riyal coin, and MMT silver coin. ‘Saudi Gold’ [01-2868660] is an exclusive bullion dealership with 10gm, 1oz, 50gm, and 100 grams gold bars, TT bars, 1 kilogram gold bars, and 1 kilo Emirates Gold silver bars (shop has LCD in Arabic showing the live rates).

Other Riyadh gold souks include the Deira gold souk (also called Souq al-Thumairi) located near the junction of King Faisal and Tariq bin Zayid streets in Al Dirah district [map], Tayeba souk (also called Kuwaiti market) located along Olaya Street in the King Fahd district [map], and possibly the Souq Hijab in Al Naseem West [approx. map].

Shopping malls in Riyadh will also have jewellery shops that will likely have gold shops that will carry small sized PAMP gold bars. In Shola Shopping Center on King Abdul Aziz Road in Al Dhubbat district, you can visit Asanofah for Gold and Jewellery for 1, 2, 5, 10, 50, and 100g gold bars (premium approx. 2 riyals per gram over spot) or Al Yoser for Gold and Jewellery for 1, 50, and 100 gram gold bars, as well as 8g 22k Saudi Arabian Guinea and ‘George V’ British Sovereign gold coins.

Malabar Gold – 01-4064228 (Lulu Hypermarket, Riyadh Avenue, Murabha)
Damas – 01-2535428 (Grenada Center), 01-2056911 (Hayat Mall), 01-2696547 (Taibah Mall)

West Region – Jeddah, Makkah, Madinah

Jeddah has a street called Al Dhahab Street, which means Gold Street, in its downtown district of Al Balad, so there should be gold shops on this street or somewhere else within the district. In the Al Sharafiyah district, on the west side of King Fahd Road, there is the Yamama gold market.
Other possible locations – Hera’ Mall, Souk Bawadi, Hijaz Mall, and Mujamma’ al-Sharq (Makaroonah Street)

Malabar Gold/Saudi Exhibition Jewellery – 02-6274938 (Sharbathili Building, Gold Souq, Al Balad)
Damas – Jeddah: Alba sateen Center, Arab Mall, Aziz Mall, Jeddah Mall, Al Andalus Mall, 02-6421579 (International Gold Center), Jamjoom Centre, Red Sea Mall, Souq Surrieen, 02-6695952 (Jeddah International) / Makkah: 02-5719104 (Abraj Al Bait), Souq Hijaz, Souq Al Deyafah, Suweqa 60th Street/ Madinah: Rashed Mega Mall

In Madinah, there are a number of gold shops North of the Prophet’s Mosque (Al Masjid Al Nabawi) at the bottom of hotels like Oberoi, Taiba, Dar ul Iman, and Al Majeedi. Some of the gold and silver shops that have bullion bars are located in the Taiba Commercial Center/Market [map] including Ba Bakar Ornaments & Jewellery – 04-8200256 [Shop 369] (has 10 tola), Mansoor Gold and Jewellery – 04-8201920 (has 1/2 oz, 1 oz, 50 gram and 100 gram), and Al Silani Silver & Beads, Gemstone – 04-8200448 [Shop 311]. Prices will be expensive here with 100 gram bars going for an additional SAR 25 premium over spot per gram, while 50 gram bars would have a SAR 40 premium.

East Region – Dammam, Khobar, Jubail

The gold souk in Damman seems to be located in the Al Dawaser district near King Abdul Aziz Road [map].

Malabar Gold/Saudi Exhibition Company – 03-8330771 (Gold Souq, Dammam), 03-8983946 (Lulu Hypermarket, Khobar) [map]
Damas – 03-8936556 (Al Rashid Commercial Centre, Al Khobar), 03-8098199 (Marina Mall, Dammam), 03-8684100 (Dhahran Mall, Khobar)
Joy Alukkas – 03-8998916 (Lulu Hypermarket, Al Khobar)

Possible Saudi Jewellery Shops

Musalli & Raies Jewelry Co. – Has branches in Jeddah, Makkah, Riyadh, and Khobar.
Al Romaizan Gold & Jewellery – Has branches in Riyadh [01-4113732], and Madinah.

Numismatic Coins

Saudi Arabian Guinea – Minted for just one year in the Hijri calendar of 1370 (1950-1951 AD) as a 22 karat gold coin of the same size and weight of the British Gold Sovereign (8 gram coin with 0.2354 troy ounces of gold), 2 million coins were minted with a face value of 40 Saudi Rials. The coin is sometime referred to as the Saudi Arabian Pound or Saudi Trade Guinea.

Saudi Arabian Silver Riyal – Minted between the Hijri calendar years of 1346 and 1374 (1927 to 1954 AD), these 22k (.917) silver riyals have the same design as the gold guinea, and were minted as 1, half and quarter riyal denominations. The 1 riyal was made up of 0.342 troy ounces (10.63g) of silver, while the 1/2 riyal had 0.175 oz (5.44g) and the 1/4 riyal had 0.086 oz (2.67g). This coin was minted in the US according to the specifications of the old Indian Rupee to pay for Saudi oil and can be classified as junk silver.

Saudi King Faysal Commemorative Medallion – This gold coin was issued to commemorate the reign of King Faisal bin Abdul Aziz Al Saud from 1964 – 1975 and had the same size and weight of the British Sovereign.

News

Saudi Arabia buys $3.5bn of gold in two weeks – 13 Nov 2008 – Arabian Money
There has been an unprecedented surge in Saudi gold purchases in the past two weeks with over $3.5 billion being spent on the yellow metal, reported Gulf News citing local industry sources.

Country Guides

United Arab Emirates | Qatar | South Africa | Canada | United Kingdom | United States | Australia | Saudi Arabia

This page is still a work in progress, so if you have any comments, please do leave them below. Special thanks is due to Fahad for providing useful information related to Riyadh and Madinah.

45 Responses to Gold and Silver Buyer’s Guide – Saudi Arabia

  1. Kenneth Hart says:

    This is the only place and only article I have seen that puts HTBM and PAMP in the same sentence. I have seen several gold bars here in Riyadh with the HTBM logo in what looks very similar (okay exact) to the PAMP LOGO – I am questioning the validity of the product as whether it is fake or not. I have written to PAMP as well, with photos of the product. Can you shed further light on this subject. Who is the refiner and are they an accredited refiner etc etc.

    • Yousuf says:

      Hi Kenneth,
      Well you have to remember that many company’s will ask mints like PAMP or Valcambi to mint for them and when they do so, the mint still puts its trademark on it, which is why when you look at the back of the HTBM bar, you will find the PAMP fortuna logo, which nobody would imitate without being sued. I’ve seen cheap imitations of the PAMP rose on some bars, but even then you could easily see that it was a cheap imitation.

      • Avais says:

        My research into this has revealed the following:

        1. The typical bars with the Fortuna or Rose logo are minted locally in KSA. These bars do not carry a certificate or a number and come in a plastic seal branded as “Tayer” in green. As far as my experience goes, these bars are widely traded and are available from various shops in Souk Yamama (Jeddah) and Balad (Jeddah). The only assurance of genuineness is that these shops are continually selling these bars openly.
        2. Although I have been buying these bars, I too was concerned about their genuineness. This prompted me to ask the seller about the bars and the answer that I got was that these are imported from the UAE. Then one day of my friends (who is a Gold bug himself) met a guy at the same shop and during their conversation he discovered that the guy worked at a local mint. The mint acquires that bigger 1 kilo bars (Credit Suisse or locally available NCB (Bank)) and mints them into smaller bars of various denominations. This mint guy assured that this was genuine gold and he also invited my friends to visit the mint to see for himself. My friend of course never went.
        3. Although the shop that I buy the my bars from often has the authentic PAMP / Suisse Bars (the one in blue certificate cover), the shop-keeper always discourages the buyers citing that the premium on these bars is much higher. While this might be true, I believe that his main reason for this discouragement is the higher margin on the locally minted bars (that he would miss out on if he were to sell the PAMP / Suisse bars. I have mention though that the stock of the authentic PAMP / Suisse bars tends to very limited at this shop.
        4. The other option of course is to buy the NCB bars which carry a certificate number but these are available in 1 kilo denomination only. What I have seen though is that many buyers (perhaps jewellery makers) actually buy pieces of these bars which are cut and weighed in their presence.
        5. There is yet another option and that is to buy the PAMP bars from Riyadh. PAMP has a sole distributor for Saudi which is based in Riyadh. I came to know about them after I wrote to PAMP and enquired as to whether their bars are available in Saudi Arabia. Unfortunately I have lost the email and contact details of the distributor.

        I hope this helps…

        • hadi says:

          huh.. there is a mint in saudi? i dont think so!
          do you mean a working shop,,

          • Avais says:

            Whether or not it is an full fledged mint, they seem to be mass producing Tola, 100 grams, 50 grams, Troy Ounce, 20 grams, 10 grams and 5 grams bars….. I think it would take nothing less than a mint to produce such large quantities even if it is not actually a mint… I am not sure what your experience is in terms of buying these bars in KSA, but if you ever ventured into the Gold Souk in Balad, you would find several shops selling these bars in various denominations…

        • Yousuf says:

          Thanks for your detailed research. I would like to further improve on this guide, so if you could recommend any shops that have a good selection of products with low cost, i would appreciate you letting me know.

          • Avais says:

            As a general rule, the buyers of the above mentioned products should expect to pay a minimum premium of SAR (Saudi Riyals) 2 per gram over the market price for the Tayer Bars (all denominations). The sellers normally have displays showing up to date market prices and one can do the calculations there and then to ensure that they are not being overcharged. This premium works out to be just under 7%. Of course for larger purchases this can be negotiated downwards. Note that as a general rule, the larger denominations always work out to be cheaper.

            The contact details for main seller of Tayer products in Souk Al Yamama are as follows:

            Shop Name: Al Zukhrof
            Shop Tel No. +966 2 642 4157
            Mobile: 056 719 7099 & 056 1424 155

            There is a guy by the name of Wahhaj who speaks English.

            Many surrounding shops also sell pieces of NCB bars. These pieces are cut to customer’s weight specifications. I would assume that this would carry a lower premium however I can not say this with certainty.

            I will try and source the numbers for the main shop in Balad and post them here soon inshaAllah

  2. hadi says:

    most phone numbers dont work!
    Otairi Trading [01-4864411] is a shop that sells sinks!
    and so the other phone number,, i didnt get 1 right!

    • Yousuf says:

      Hi Hadi, I would be greatful if you would find the telephone numbers of the listed shops so they can be corrected as unfortunately i dont live in riyadh to do it myself.

  3. lakpats says:

    Found your article interesting.
    A few years back NCB, Al-Balad, Jeddah used to sell gold. I am not sure, the present status. Next to NCB, in the same area, there are a few small shops, which only sell gold in coins or biscuits (no ornaments). Usually NCB being the bank is more reliable.

    Please let us know, if NCB or any other bank in eastern province sells gold.

  4. hadi says:

    you can buy gold buillion coins/bars from any gold shop.. the problem is not gold,,
    the problem is where can you find some one who sells silver bullion at a reasonable price,, if you can find any!

    • Yousuf says:

      Yes silver bars in saudi have a large spread between the buy and sell prices and arent easily available, but i met the person managing the turkish-branded Nadir mint here in Dubai who will be bringing the Nadir bars to Saudi. Once i get further information from him, I’ll post it here.

      • hadi says:

        yes,, please let us more about the turkish brand..
        Dubai is a good place to buy silver and gold,, low premiums on both. and you can find the 1kg silver bar made in dubai every easy..

  5. UmmAdam says:

    My husband is looking to purchase gold bracelets for a reasonable price.. He’s currently in Madinah.. Can you recommend a souk?

    • Yousuf says:

      Most cities in Saudi will have their main gold souk in one area, so you should check with people or possibly a taxi driver to find out where its in madinah, but the one i’ve heard about in madinah is the Taiba Commercial Center which is walking distance from Masjid Al Nabawi.

  6. Mahboob says:

    Very informative article and follow-up comments, thanks.

    I am looking for a bank that lets me buy and store physical gold like goldmoney.com or similar. Goldmoney is expensive in storage charges. Further, it might simply disappear one day like many big name brokerage houses in the past. So I wish a secure facility with some sovereign guaruntee from a muslim state. I’ll prefer to keep my saving in a muslim economy.

    • Yousuf says:

      I dont know of any banks offering storage facilities for gold specifically, but you can always rent out a safe deposit box at one of the banks for your gold storage.

  7. Ethan says:

    Shola Shopping Center in Riyadh closed down within the last week or so. Does anybody know how to reach the 2 shops that were there? I can’t find a number for either of them.

    Specifically, I want to buy Saudi Gunieas, but almost all of the places in Ba’tha only sell the reproduced PAMP ingots and bars (at super-high premiums), thought I haven’t been able to try the places listed in this post, as they were closed when I went by.

  8. Ethan says:

    I was in the gold souk in Ba’tha today looking for Saudi Guineas. I went to a shop where they showed me 4 – each of them different from the next. One was domed in the center, another had a double strike on the edge & poor quality, and the other just looked bad, and each of them was different on the part that said either “K 22″, “22 K”, or just “22″. The 4th was only 4 grams. I was told by the people there that all were original, but that clearly wasn’t the case. I’d say you can’t trust those fools as far as you can throw them.

    Would love to know of some actual reputable dealers in Riyadh that actually have phone numbers or are authorized to distribute PAMP, Credit Suisse, or Argor-Heraeus.

    • Yousuf says:

      It is always a hard thing to know if what your getting is right and pure, which is why alot of people simply stick with the swiss brands. If I was there, I would enjoying going around and hunting for reputable dealers, but i dont live there so i must rely on those who live there to help improve this article. I look forward to your future updates. :)

  9. Ethan Boos says:

    I’ve looked @ quite a few places in both Ba’tha & the Kuwaiti Souk, but none of the Swiss brands are legit – none are numbered, none are included with the original assayers card. So, if you’re looking for anything that isn’t jewelry, I feel like Riyadh isn’t the place to do it – it might be if the prices were decent, but even for the counterfeit PAMP 1gm ingots they wanted about 40SR over spot.
    Side note: I found Riyadh Gold & it’s closed, so that makes that place & both of the places in Shola MIA.
    Think I’ll head to Dubai in a couple of weeks & see how it goes there.

    • Yousuf says:

      Thanks for the update Ethan. Why not check out the places in Makkah and Jeddah before heading all the way to Dubai, as you know definitely that Dubai will be fine, as i’ve written the guide for it here will everything you’d have to know.

      • Ethan Boos says:

        Well, I’m not allowed to go to Makkah (not Muslim), and Jeddah is just as far as Dubai!
        Also, since I know that I can get Kinebars, PAMP, etc. at authorized dealers, it makes more sense to just go for where I know I’ll be getting the real stuff. Then, consider that Dubai is much more fun than Jeddah, and I’m sold on it. I also get 1/2 price on FlyDubai, so it’s cheaper to fly.

  10. Ethan Boos says:

    Hi Yussuf,

    I really want to say thanks for all the great info on your site. I’m coming to Dubia on the 27th-30th of December & looking to spend about 50,000SR – should I bring it in Riyals, change it to $ here, or change it to AED there? Or, is the credit card rate the same as the cash rate at the bullion dealers?

    Thanks so much for your help.

    Ethan

    • Yousuf says:

      Hi Ethan,

      Glad that the information has been beneficial. Well i’d say bring it in riyals and convert it to dirhams in dubai if you cant get an exchange rate better than 1 riyal to 0.9625 dirhams there, but dont bring it in dollars as you’d be converting the money twice and loose out in the exchanges. None of the bullion dealers accept credit cards (but if they did, then there would be an addition credit card processing fee) as the market is a cash market.

      • Ethan says:

        Cool, thanks for the info again.

        Figured they wouldn’t take cards, but if they did – I love the points.

        You wouldn’t happen to be doing any bullion shopping either 27, 28, or 29 of Dec, would you?

  11. ester a. pascua says:

    i would like to purchase a real gold necklace either 14K or 18K and if posible personalized.It is only for personal use not for business.pls email me if my inquiry is available.thank you

  12. Saifguard says:

    Thanks for the articles-Very interesting reading-I’ve moved from the US and now live and work here in Saudi. I was planning to bring some bullion, which I’ve acquired over the years and wonder if this is allowed in terms of declaration at the airports etc?

  13. Craig Zachlod says:

    I lived in Saudi Arabia from 1977 to 1980. I bought three sets of sterling silver medallions depicting the King Faisal Abdul Aziz ( I believe). Each set is boxed. Two green boxes contain 4 each medals or coins. One set is round and one is rectangular. The third is a large silver coin about two inches across and also depicts the king. Does anyone have a suggestions for selling theses and how much they are worth?

    Thank you.

  14. Sam says:

    Ethan, Have you managed to get good deal in Dubai?

  15. Claudia says:

    Hello.
    Thank you for such helpful background information on gold buying in Saudi Arabia. I live in Jeddah and have visited souk al-Yamama several times. This past week I finally made a few purchases of gold jewelry for investment purposes. I found the premiums were acceptable. On 23 March, the price of 21k gold price was 169 SAR per gram. I bought a necklace at 188.65 SAR per gram and two other pieces at a 21% premium. (See purchases @Karatage)

    Hope to by some gold bars on my next visit to the gold market.
    Claudia

  16. jayshk says:

    I purchased 100 g Suisse Lady Fortuna Gold bar in saudi arabia.
    instead of PAMP mark It has “SGCO” mark in the same style of PAMP with out any Assay certificate or number.
    I want to know is this bar real or not, and what “SGCO” stands for?

  17. Sav says:

    Hi All…This is great stuff indeed!

    @Yousuf… I have a gold bar with an HTBM seal instead of PAMP, but the Fortuna on the flip is all good. Not sure if you addressed this in your earlier comments but should I worry about anything if it doesn’t mention PAMP instead. Thanks in advance!

  18. mohammad owais khan says:

    i just wanted to ask…y malbar gold is costly…..i want to purchase gold bars….is malabar more relaible than others….but its quite expensive…the normal rate for 24 ct is 154.5 now on 15th july…but malabar gold is 166 saudi riyal for 24 ct

  19. Asad says:

    I want to inquire as if there is any ceiling / limit for bring gold from Saudia to Pakistan. Secondly is there any custom duty to be paid on this.

    Regards

    Asad

    • Yousuf says:

      They wouldnt be any limit to how much you can buy if you have a receipt. Regarding duties, there wouldnt be any in Saudi but there would be in Pakistan.

  20. Asl says:

    @Yousuf I also have came across a 10 gm bar which has HTBM mentioned in 4 circles (instead of PAMP that I have seen on other bars). And this is the one of the only 2-3 webpages that I see people asking about HTBM. I am curious to know whether HTBM is a refinery or some local Saudi gold production. The bar I saw was packed in plastic saying “Fine Gold”

  21. khaja omardraz says:

    can u give me genuine seller of bullion gold bar of 1 kgs from saudi arabia.there is gold available in large qty in the market in the form of ornaments but when we are looking after gold in the form of bars then ,only, cheaters / scammers are found in the market.we want to buy it thru bank to bank on complete legal procedure.

  22. Jawwad says:

    Dear Yousuf,
    I am currently in Riyadh, Saudi Arabia and planning to buy Silver in KG’s. If I have easy access to Dubai & Bahrain, from where you will suggest to buy bulk of Silver.
    Regards,
    Jawwad

  23. Salam says:

    Thanks for you brothers, nice information. I can add as I have seen that in Riyadh at hulat alqusman the name of the market at Buttha I have found PAMP bar with different sizes in the blue cover. On the other hand, I have visited the souk in Dammam which is located near king Fahad mousque and all of them sell Saudi bars which has the same logo of PAMP as one of our brother said they but them in green plastic bag those are Saudi bars produced by either Saudi gold or Alsahra. The best place to buy Swiss gold is to cross the bridge to Bahrain and you can find in Bab albahrain a place where they sale Swiss gold called Bex exchange or you can visit city of gold at Manama. This is from my experience that I would like to share with you.

  24. S Abbas says:

    Salaam,
    I have been wanting to write this for a while but have not really had the time. In regards to buying gold in KSA it is as has been stated before “tayer” bars that are manufactured locally or coins (peso and George also both minted locally). It is difficult to find foreign coins and when you do the premium you pay is way too high almost 20-30%. I usally just pick up Gold coins at Dubai duty Free much lower premiums than Saudi.
    As for Silver you are better off buying online and picking up the shipping costs we are talking 70-100+% premium. I saw a 1 kilo Koala in Yamama shopping center the seller wanted SR7,800. For 1 ounce buffalo or maple leafs SR300 per ounce.
    Nader silver is also available but the prices are just as high with 1000 gram silver bar being sold in Al Balad for SR3,800. There seems to also be a problem with the Nader as that it is not easily re-sold to the shops as the Swiss or UAE mints. Pamp 1 kilo silver bar is going for SR3,800 and the UAE 1000 grams for SR3,400.
    What I cant understand is with such a large market how do we not have a Saudi mint for Silver!!!

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