Riyadh Markets Witness Surge in Demand for Oud and Incense Ahead of Eid Al-Fitr
In the bustling markets of Riyadh, a noticeable surge in demand for oud (agarwood) and incense is taking place as Eid Al-Fitr approaches, as reported by the Saudi Press Agency.
These fragrant scents hold a special cultural significance in the Kingdom, deeply intertwined with Eid traditions and the customary practice of welcoming guests with well wishes.
Official data from the Zakat, Tax and Customs Authority highlights the substantial import volumes of oud. From the second half of 2023 to the first quarter of 2024, the Kingdom brought in 1,145,498 kg of oud and 1,513 kg of oud oil.
The prices of oud can vary significantly based on the type and quality. Natural, rare oud can command exorbitant prices, with a single kilogram fetching as much as SR400,000 ($107,000).
Enhanced oud, which has undergone treatments to enrich its scent and appearance by incorporating essential oils, resins, or dyes to modify the wood’s natural characteristics, falls within a broader price range of SR100 to SR6,000 per ounce, depending on factors like oil content quality and quantity.
These factors are often associated with the country of origin in Southeast Asia. Key exporters include India, Vietnam, Thailand, Cambodia, Malaysia, and Indonesia. Highly prized oud is renowned for its long-lasting scent, which intensifies as the wood ages.