The jewelry industry will be downsized by 30% due to implementation of nationalization policy. According to this policy the employees in jewelry and precious stones business should be Saudi nationals. A stand that was due for a long time now, this nationalization policy was drafted in the year 2007.
Spokesperson for Ministry of Labor and Social Development, Mr. Khalid Aba Al-khalil said that the deadline for execution of said policy is 2 weeks from date of announcement. He further added that notification was mandated because of negligence on part of industry. Also, Mr. Khalil tweeted that following the enforcement by the jewelry industry, there are other sectors that were in the pipeline. Approval for which has been received 2 months ago.
On the other hand, Deputy Chairman of Jeddah Chamber of Commerce and Industry (JCCI), pleaded the council to revisit their decision and extend the enforcement. It was said that the Jewelry industry is facing serious backlash by Saudi Nationals who are unwilling to work long-term in Jewelry business.
In fact, many of the nationals quit midway because of higher studies or scholarship programs offered in college. On the contrary, the government takes a different view on the same and took a firm stand on the issue.
Source: Arab News