Riyadh, April 06, 2024, In the run-up to Eid al-Fitr, Riyadh markets are experiencing a surge in demand for oud (agarwood) and incense, reflecting the deeply ingrained cultural significance of these fragrances in the Kingdom. These scents play a pivotal role in Eid traditions, particularly in the custom of welcoming guests and exchanging well wishes.
Official data from the Zakat, Tax, and Customs Authority highlights the substantial import volumes of oud into the Kingdom. Between the second half of 2023 and the first quarter of 2024, Saudi Arabia imported 1,145,498 kilograms of oud and 1,513 kilograms of oud oil.
Commercial activity monitored by the Saudi Press Agency (SPA) in recent days has revealed a rapid increase in sales of incense, oud oil, and various perfumes as Eid approaches. Prices for oud vary significantly based on factors such as type and quality. Natural and rare oud can command astronomical prices, reaching as high as SAR400,000 per kilogram.
On the other hand, improved oud, which undergoes treatments to enhance its aroma and appearance by adding essential oils, resins, or dyes, falls within a broader price range of SAR100 to SAR6,000 per ounce. These prices are influenced by factors such as the quality and quantity of oil content, often tied to the source country in Southeast Asia. Key exporters include India, Vietnam, Thailand, Cambodia, Malaysia, and Indonesia.
Highly valued oud is renowned for its longevity, with its scent intensifying as the wood matures. This combination of cultural significance, demand surge during festive seasons like Eid al-Fitr, and the intricate factors influencing oud prices contribute to the vibrant market for these fragrances in Riyadh and across Saudi Arabia.
