Arab Today, arab today gold does brisk business in syria warbut at a risk
Last Updated : GMT 09:21:29
Arab Today, arab today
Arab Today, arab today

Gold does brisk business in Syria war -- but at a risk

Arab Today, arab today

Arab Today, arab today Gold does brisk business in Syria war -- but at a risk

Aleppo - AFP

Abu Salem used to sell lunchtime sandwiches to office workers in Syria\'s commercial capital. Since a rebel offensive turned Aleppo into a warzone last July, he has been buying up their heirlooms. In Syria\'s northern metropolis, as across the Middle East, those who can afford to have traditionally invested in jewellery for their womenfolk, especially gold, to ward against a rainy day. As daily clashes between troops and rebels fighting to oust President Bashar al-Assad have brought a devastating halt to all normal economic activity, the trade in precious metals has boomed as people struggle to make ends meet. It was the loss of electricity to power his refrigerators that was the last straw for Abu Salem\'s sandwich stall. The 40-year-old turned to the most lucrative alternative business available, braving the daily threat of robbery by the myriad of armed groups active in the many Aleppo neighbourhoods beyond the control of Assad\'s security forces.\"Many jewellers have fled the fighting. They had enough money to flee the country,\" he told AFP. \"I buy and sell gold in order to feed my five children. A few steps away, another gold dealer has set up his scales. \"Every day, people come and sell me 10 or 20 grams (310 or 620 troy ounces) of gold,\" Abu Ahmed told AFP. \"Once, a customer came to sell me earrings and bracelets that weighed 200 grams. He was selling off his wife\'s jewels.\" Umm Mohammed, 50, is among those looking to sell off their portable wealth.\"I have a gold necklace to sell. How much would you pay for it?\" the mother of four asks. For five grams of gold, Abu Salem offers 24,000 Syrian pounds ($240). Umm Mohammed goes to his shop every day to weigh her family\'s jewellery and check his prices. \"I\'ve only got one necklace left now. It\'s my son\'s gold chain. It won\'t be long before I sell it, because we need to buy food and clothes for the children,\" she said. Umm Mohammed\'s husband used to work in a factory, but lost his job several months ago when the power supply was cut. Her family has only been able to get by thanks to the jewellery they owned. Buyers are not hard to come by. Two years of devastating conflict have sent the Syrian pound into freefall and, for those with any money, gold is a popular refuge to maintain the value of their savings.Before the uprising against Assad\'s rule broke out in March 2011, a gram of gold sold for 3,200 Syrian pounds, and the Syrian pound traded at 65 to the dollar. Today, one gram of gold sells for 4,900 pounds, and the pound trades at 113 to the dollar. \"Those who want to safeguard their wealth are converting their cash into gold,\" Abu Ahmed said. But there are big risks, fellow gold trader Abu Khaldoun underlines. \"Armed men come to steal from us. Some of them are members of the (mainstream rebel) Free Syrian Army,\" the 49-year-old said. \"Nowhere is safe, and we are real targets for thieves. Some people are hiding their gold and money in holes in the ground.\" Abu Ibrahim, 45, has been in the jewellery trade nearly all his working life. He says he refuses to take sides in this conflict as his business frequently requires him to cross the frontlines. He tells of a fellow trader who lost all his stock to an armed robbery. \"He had 12 kilos of gold in his shop. He lost 60 million Syrian pounds last week when armed men broke into his shop and stole the lot.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold does brisk business in syria warbut at a risk Arab Today, arab today gold does brisk business in syria warbut at a risk

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold does brisk business in syria warbut at a risk Arab Today, arab today gold does brisk business in syria warbut at a risk

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday