Despite the drop in its prices … Syrian goldsmiths complain about the stagnation of the gold market


Fell The price of a gram of gold In the official price bulletin issued by the Craft Association for Crafting and Jewelry Making in Damascus, at 30 thousand Syrian pounds within two days, to record the gram for 21 carats 200 thousand pounds, while it can be bought for 198 thousand pounds, after it was 230 thousand last Thursday.

The bulletin recorded the sale of a gram of 18 carat gold at 171,429 pounds, after its price rose on Thursday to 197,142 pounds, so that the gram fell to about 26 thousand Syrian pounds.

The captain of the Damascus goldsmiths, Ghassan Jazmati, told Al-Iqtisadi newspaper, which specializes in monitoring mineral prices, that gold prices The current one is a “temporary surge that will gradually decrease with the decrease in the price of the dollar,” explaining the rise in the price of gold at the equivalent of its prices in neighboring countries “so as not to be smuggled.”

The jewelery market faced a major setback with the rise in global gold prices, and its stores were empty of customers after it was crowded with buyers.

For his part, the head of the Syndicate of Goldsmiths in Qamishli, Abdul Ghafour Ramadan, said, “The slight decrease in the price of jewelery did not stimulate the sales movement, which stagnated and did not improve.”

Speaking to “Sky News Arabia”, he indicated that the stagnant jewelery market “will not be helped and energized by the low price of gold by a few Syrian pounds.”.

He considered that “it is impossible to predict a decrease or rise in the price of gold because of its unstable prices being linked to fluctuations in the price of the dollar,” noting that the price of an ounce of global gold decreased from its price last month by nearly $ 100.

He added: “In February, the price of an ounce reached 1832 US dollars per ounce, while it decreased by 1.50 percent after the drop in the price of an ounce two days ago to 1730 dollars. It decreased locally by 1 percent. If the price of an ounce rose to 1900 dollars, the 21-carat gold gram would increase to 300 thousand pounds.” Syrian “.

Low percentage of buyers

Ramadan noted that the price of gold is linked to the price of the dollar, whose rise and fall affects the proportion of buyers.

He added, “The number of customers per day does not exceed five people, while in the past, shops were crowded with buyers. Before the Syrian crisis, the bride used to buy for 100 Syrian pounds, about 50 grams of gold, while today the amount of 500 thousand Syrian pounds is not enough to buy a ring or earrings.” And, in turn, it affects our profits that are associated with selling us the most number of pieces of gold, and it is not linked to the rise or fall of the price of gold “.

The slight decline in the Syrian pound over the past two days against foreign currencies was affected by movements in Lebanon, so the dollar exchange rate, according to the Syrian pound website that monitors the exchange of foreign and Arab currencies, was recorded at 4330 Syrian pounds on the black market. Today, the Syrian pound has crossed the barrier of 4,700 per dollar, registering a new decline in its value.

The jeweler, Anas Adnan, told “Sky News Arabia” that the volume of sales of the gold market does not exceed a thousand grams, and people are reluctant to buy it because of their low purchasing power, as the movement of buying and selling has retreated despite social customs.

He pointed out that “the crisis afflicting Syria has played a role in abolishing golden jewelery from the Syrian social customs, especially in matters of marriage like the rest of the Arab countries.”.

Abolish “dowry and gold”

The rituals of dowries and gold crumbled before the cruelty of the high price SyriaAnd the customs and rituals of the Syrians, which they inherited from their ancestors, have changed, as wedding parties, dowries and the purchase of gold jewelry have been canceled in all Syrian cities.

In the city of As-Suwayda inhabited by the Druze community, Eileen Al-Baini, who comes from that city, told Sky News Arabia that the custom of crowning the bride with a ringed fez adorned with golden liras has been canceled, which was determined according to the request of the bride’s family between 500 and 1,000 grams of Gold, in addition to hoops and bracelets. “

And she continued: “The deterioration of living conditions imposed the imposition of gold being limited to bracelets and rings, and the custom of serving banquets to guests during engagement parties, henna and weddings that used to offer festive occasions for 3 days, families were satisfied with a family session limited to relatives to reduce party expenses.”

For his part, Aram Muhammad, a young Afrin who was displaced to al-Shahba areas in the countryside of Aleppo, told Sky News Arabia that the marriage rituals changed from what they used to be in Afrin, where weddings were held for days and banquets were offered to guests.

He continued: “The bride buys from her dowry what she needs from home furniture and gold, but all these beautiful customs are canceled and the newlyweds are satisfied with wedding rings of gold or silver.”

While Yara Ibrahim, a young woman from the Syrian coast, indicated to Sky News Arabia, “The dowries were before the crisis of the high price and the collapse of the Syrian pound up to 500 thousand Syrian pounds, while the dollar at that time was around 47 Syrian pounds, so the bride used to buy about 100.” Grams of gold.

She added, “Today, a few families ask for a dowry for their daughters, and if they do, they often ask for 10 million liras, while they are satisfied with only gold with a ring.”

By 131 thousand Syrian pounds, the price of a gram of gold increased between 2018 and 2020, from 16 thousand Syrian pounds to 147 thousand Syrian pounds.


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