Viral claim busted: Do Saudi weddings really gift gold bricks?

Riyadh (The Uttam Hindu): A video of a royal wedding ceremony in Saudi Arabia is rapidly going viral on social media. In the video, the bride's brother is seen distributing gold bars in a basket among the wedding party. It's being claimed online that the groom's family is being gifted 24-carat gold biscuits. However, amid this glitz and glamour, many users have clarified that these aren't actual gold bars, but rather luxury chocolates wrapped in gold-like foil. Gifting such expensive chocolates on special occasions is a long-standing tradition in Middle Eastern countries. After the video went viral, everyone has begun to question whether Saudi Arabia is so wealthy that gold bricks are distributed at weddings, and where does this desert country get so much gold from?

More than 323 tons of treasure is hidden beneath the desert.

The name Saudi Arabia often conjures up images of vast oil wells and endless deserts, but the truth is far more profound. According to the latest report by the World Gold Council, Saudi Arabia possesses a massive gold reserve of approximately 323.1 tons. This massive figure not only places Saudi Arabia first in the entire Arab world, but also ranks it among the top 20 countries in the list of central banks worldwide. In recent years, the country has also attracted global attention for its production of the precious metal.

Where does Saudi Arabia get so much gold from?

Saudi Arabia's land is rich not only in crude oil but also in many precious minerals. The Arabian Shield region, located in the western part of the country, is world-renowned for its gold mines. The state-owned mining company, Maden, operates several large mines. Among these, Mad ad-Dahab, also known as the Cradle of Gold, has been producing gold for thousands of years. Modern mines like Am Arid and Mansura-Masrah are also strengthening Saudi Arabia's economy. Recently, vast new gold deposits were discovered within a 125-kilometer radius of the Mansura-Masrah mine in the Al Khurma province of the Mecca region. Initial investigations have revealed a high gold content per ton of ore, which could place Saudi Arabia among the world's leading gold-producing countries.

Does Saudi Arabia buy gold from other countries for its needs?

Despite strong domestic mining, Saudi Arabia also purchases large quantities of gold from the international market. The Saudi Arabian central bank buys and sells gold to strengthen its monetary policy. Under Crown Prince Mohammed bin Salman's "Vision 2030," the country aims to free its economy from dependence solely on oil. As part of this strategy, gold is purchased from international markets to diversify its foreign exchange reserves. Furthermore, gold is imported from countries like Switzerland and the UAE to meet the huge demand for jewelry in Saudi Arabia. Locals, as well as millions of pilgrims who visit the country, also purchase large quantities of gold, keeping its demand constant.

Gold reserves are the safety net of the economy

For Saudi Arabia, gold is not just a decorative metal, but a crucial strategic weapon. Gold serves as a safe investment against fluctuations in oil prices, providing stability to the country during economic downturns. Saudi Arabia now aims to make the mining sector the third largest pillar of its economy, after oil and petrochemicals. In Saudi culture, giving expensive gifts at major events is a matter of prestige. Whether the bride's brother is distributing gold bricks or luxury chocolates in the viral video may be a matter of debate, but it is an undeniable fact that Saudi Arabia is no longer just an "oil power," but is rapidly emerging as a "gold power."