Gold stores at the Jeddah International Market have incurred significant losses after a massive fire broke out earlier this week, devastating a large portion of the historic market. Jewellery experts suggest that it may be difficult to assess the exact quantities of gold affected, with some items potentially melted due to high temperatures.
Gold Melting Due to Intense Heat
Jewellery expert Ahmed Al Amudi commented that many of the gold items might have been exposed to extreme heat, leading to potential melting. However, he added that some non-molten or damaged gold may still be salvageable through specialized cleaning and rehabilitation processes.
Estimating the Losses
With nearly 100 gold stores located in the market, the site was a major destination for gold buyers in Jeddah. According to Al Amudi, the process of evaluating the losses is complicated by the layout of the stores and the presence of high-value items such as unique diamond pieces and antiques, some of which are worth millions of riyals.
Surviving Gold in Safes
Al Amudi speculated that some gold stored in safes may have survived the fire, although the quantities are likely to be limited. He also highlighted that many of the gold stores lacked insurance coverage due to the strict requirements for obtaining such policies.
Massive Fire Devastates Jeddah Market
The fire, which started early Sunday, took firefighters nearly 14 hours to extinguish. The Jeddah International Market, one of the city’s oldest commercial centers, covers 22,000 square meters and contains 255 shops. Established over 46 years ago, the market is a key part of Jeddah’s commercial landscape.
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