COVID-19: Indians offload gold heirlooms as virus deepens financial pain ...United Arab Emirates

Gulf News - News
COVID-19: Indians offload gold heirlooms as virus deepens financial pain
source : Gulf News ( United Arab Emirates ) () 24
New Delhi: Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he is selling his gold jewellery to meet expenses, after failed attempts at starting a home business and finding another job. “A gold loan is after all a debt that I am taking on,” he said from his hometown in the coastal state of Goa. “Selling my jewellery means I am not obligated to pay someone back along with an additional interest on that.” With the pandemic pushing millions into poverty or bankruptcy, many Indians are now turning to their last resort: selling their gold jewellery to make e

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