Gold and jewelry markets in Idlib city have seen increased demand this April compared to previous months, despite rising prices, with the price of 21-carat gold reaching $94 (about 1.1 million Syrian pounds).
According to Enab Baladi‘s observations, the surge in demand is attributed to fears of losing and the decline in the value of circulating currencies such as the Turkish lira and the dollar, alongside a desire to acquire used gold pieces with minimal crafting to avoid losses.
The crafting fees for new gold range from $3 to $5 per gram, while for used gold, they vary between $1 and $3, depending on the cleanliness of the piece and its crafting or ornamentation style.
According to goldsmiths and buyers interviewed by Enab Baladi, the current surge in demand does not indicate “luxury purchases” but rather a fear of losing “the last savings” or the value of currencies, amid deteriorating living and economic conditions.
Saving due to fear of losses
Global gold markets have witnessed unprecedented increases in a short period of just two months, and gold is considered the safest haven for Syrian citizens’ savings amidst the ongoing economic crises in the country.
Goldsmith Adnan Qusra in Idlib city believes the local community has greater trust in gold as a valuable and easy-to-carry commodity for saving, due to the experiences of conflicts, wars, and displacement. Although the war in Syria has ended, its global shadow still looms.
Qusra told Enab Baladi that the demand for selling gold among Syrians is weak compared to buying, especially after several reports indicated continued price increases, potentially exceeding $100 per gram in the near future, meaning selling would lead to unnecessary financial losses.
A large segment of the population does not save foreign currencies like the Dollar and Euro, which are directly affected by even the slightest rumor of war.
Seamstress Zainab Sarmani (36 years old) commented to Enab Baladi that women used to adorn themselves with gold and show it off at weddings and social events, but nowadays, it has become, as grandmothers say, an “investment” that does not lose value and is useful in tough times.
Regarding the reasons why gold is in high demand, it is unaffected by destruction or easy damage, unlike residential or commercial properties where Syrians have spent their life savings, which have been destroyed by the Assad regime, according to Ibrahim, who decided to buy a piece of gold from his savings.
Fear of wars, seeking permanence, the ease of carrying it, and traveling conveniently, along with various sources for buying and selling, make gold the most sought-after metal locally and globally, as noted by Enab Baladi‘s observations from people looking to purchase gold in Idlib city.
Ahmed from Maaret al-Numan, sold his wife’s jewelry about three months ago to buy a house in Idlib city but has not yet found a suitable property. With rising gold prices, his losses have multiplied.
Ahmed sold 120 grams when gold was priced at $72 per gram. The real estate market has also seen price increases in all liberated Syrian provinces, and this has been a shock for him. He can no longer afford to buy a house with the available amount, nor can he buy replacement jewelry of equal value.
The rising gold prices also pose a significant problem for young people planning to marry. According to Enab Baladi‘s observations, families with limited incomes seek marriages that only include a wedding ring, and girls accept this, regardless of societal customs and traditions that require purchasing more jewelry.
According to some goldsmiths, a large number of young women are opting to buy Brazilian gold, which has become widely popular during the years of war in Syria, likely due to community perceptions and societal norms.
Fearing currency devaluation, people turn to saving gold in Idlib Enab Baladi.
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