An explosive device goes off in the countryside of Hasakah

An explosive device goes off in the countryside of Hasakah

t Hasakah, (ST) - An explosive device went off...

Israeli bulldozers razed 30 donums of Palestinian land in  the West Bank

Israeli bulldozers razed 30 donums of Palestinian land in the West Bank

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New water well put into service within the Alouk water project in Hasakah

New water well put into service within the Alouk water project in Hasakah

Hasakah, (ST) - The Public Establishment for...

The Occupation forces arrest six Palestinians in the West Bank

The Occupation forces arrest six Palestinians in the West Bank

The Israeli occupation forces arrested six...

Corona virus kills four million and 720 thousand people around the world

Corona virus kills four million and 720 thousand people around the world

Capitals (ST): The Corona virus has claimed...

With the participation of Syria, the Fifth Arab Water Forum opened in Dubai

With the participation of Syria, the Fifth Arab Water Forum opened in Dubai

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Talks to reconstitute the Syrian-Brazilian Businessmen Council

Talks to reconstitute the Syrian-Brazilian Businessmen Council

Damascus (ST): Re-formation and activation of...

Democrats block congressional approval of aid to Israel

Democrats block congressional approval of aid to Israel

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Economy & Aftermath

Models of Syrian shoes and leather products attract businessmen to conclude export deals at Sila International Fair

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Damascus (ST): Thousands of models of shoes and leather industries with different shapes, models and colors manufactured with the most up-to-date machines, equipment an...

Investigative Reporting

Fashion design exhibition was held in Damascus

Fashion design exhibition was held in Da…

The Arab Cultural Center in Kafr Sousa area in Damascus has hosted the exhibition of  Fashion design  and handicrafts.     The exhibition included oil paintings in vari...

  1. Tourism
  2. Culture
  3. Society
  4. Golan
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The historic visitors center in Palmyra …

The Ministry of Tourism, in cooperation with the Ministry of Culture and the Governorate of Homs, put the historic visitors center building in the ancient city of Palmyra into service, after its restoration as a result of the attacks of the terrorist “ISIS” organization, at an estimated cost of 300 million Syrian pounds.

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Autumn 2021 exhibition in Baniyas

Autumn 2021 exhibition in Baniyas

The Palace of Culture in Baniyas opened the autumn of 2021 exhibition with the participation of artists Fawaz Sweidan, Nasr Ibrahim and Abeer Mahmoud. About the exhibition, the director, Mr. Fawaz Sweidan, said: The autumn exhibition is an annual tradition since the independence of the country.  The exhibition is held in fall and a number of artists participate in it. Nasr Ibrahim (Arabic calligraphy and decoration) and artist Abeer Mahmoud are ...

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International Biennale in Slovakia awards Syrian cartoonist Raed Khalil his own prize

International Biennale in Slovakia award…

Syrian cartoonist Raed Khalil won the special prize at the Austin Biennale in Slovakia, with the participation of 258 artists from 53 countries.   Khalil's painting revolved around the audio-visual media, depicts the reality of television as a media subject to attempts to marginalize by some of those in charge of emerging technologies.  Prizes were distributed in the Biennale to painters from Croatia, Slovakia, Brazil, France, the Czech Republi...

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Sons of Golan and the occupied Palestinian territories in 1948 express solidarity with prisoners in Israeli jails

Sons of Golan and the occupied Palestini…

Hundreds of the sons of the occupied Syrian Golan and the occupied Palestinian territories in 1948 participated in a stand in front of the Gilboa detention camp in solidarity with the Palestinian, Syrian and Arab prisoners in the Israeli occupation jails. They denounced the repressive campaign against the prisoners after the Freedom Tunnel operation.

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"The price of gold is basically associated with the price of the ounce in global markets and with the exchange rate domestically. Currently, an ounce in global markets is valued at $1744 because of the Coronavirus crisis, which caused havoc in all economies around the world," Jazmati told the "Syria Times" e-newspaper.

He said that in order to limit their loss, most of the companies, which have closed during the coronavirus crisis, have changed their money into gold , thereby creating a demand for this precious metal, a demand that raised the value of the ounce globally.

How the Syrians view gold

About the importance of gold in the life of the Syrians, Jazmati, the Syrian gold expert, said that "gold is essential in the life of all people. The Syrians consider it as a jewelry, and, more importantly, as a means to save money for years to come. This has been proven during the critical circumstances Syria has been experiencing over the past years and during the coronavirus crisis."

"Many Syrians resort to changing part of their properties- cars, houses or lands- into gold, mainly liras or ounces, in order to avoid a loss," he said, stressing that investment in gold is currently the most successful and the safest project. He noted that the value of an ounce is currently estimated at 4.5 million SYP.

With gold prices growing higher in Syria, one may ask: "Are the Syrians still buying gold?"

Surprisingly, the answer was yes! "Many Syrians are still interested in investing their money in gold, mainly by buying small, but valuable pieces like ounces or liras. There is a demand for buying gold in Syria particularly by traders, investors and rich people," said Jazmati.

However, most of the Syrian citizens don't have enough money to buy gold amid the current difficult circumstance, and they rather concentrate on buying their basic needs, he went on to say, indicating that before 2011, a citizen who wanted to get married, could buy his bride a complete collection of gold, but now he can hardly buy the rings, and even less, at the same value of that collection."

Stagnation

According to Jazmati, these developments, besides citizens' hesitation to buy or sell gold hoping that the SYP's exchange rate will restore its stability, have led to notable stagnation in the gold market, thus necessitating more efforts by the Goldsmiths' Association to ensure the availability of raw gold in the workshops. These efforts go in line with the legislative decree that allows any Syrian citizen to legally bring in raw gold to the country in exchange for paying 100 dollars per kilo of gold at borders, he said, noting the importance of this step in boosting the country's resources of hard currency.

The Coronavirus crisis in the world has caused further stagnation in the Syrian gold markets.  "Many Syrian expatriates, mainly in the Gulf and Europe, used to visit the country during summer- between June and September- for many purposes including to get married. They used to buy their wedding rings and other gold accessories to their brides, a tradition without which no wedding is complete. However, this will be difficult this year as airports are still closed because of anti-coronavirus measures," Jazmati said.

He made it clear that during the period of lockdown and curfew imposed in Syria between March 25th and May 25, all economic and trade activities as well as transportation stopped. The gold hallmarking process, a precondition for gold items offered for public sale, also stopped over a period of three months during which goldsmiths ran out of stamped gold, mainly ounces and liras, thus negatively impacted the market.

Gold hallmarking returns

 In order to restore the hallmark, Jazmati explained, "we reached an agreement with the Finance Ministry on July 1, according to which the goldsmiths' associations in Damascus and Aleppo agreed to pay 80 million Syrian pound per month to the Ministry as a consumption spending tax."

"Two years ago, the situation of the gold market was very good despite the war on the country and the sanctions. Hundreds of artisans used to come to the association everyday to stamp their gold products and we used to pay some 120 million SYP per month as taxes to the Finance Ministry,  but now, given the difficult economic situation in the country, we are going to pay 80 million," he said.

The return of the gold hallmark will contribute to reactivating the gold market and to making stamped gold available to customers, he made it clear, pointing out sales in the gold market have slightly improved at 20%, as markets have reopened and the gold hallmark has returned.

According to Jazmati, there has been a great demand for Syrian gold in Arab countries, mainly the gulf states, due to its distinguished characteristics, noting active talks to encourage Syrian traders to take part in future gold and jewelry exhibitions abroad. However, the local request for gold comes mostly from the coastal area, Lattakia and Tartous, the two key Syrian tourist destinations, he indicated.

He made it clear that Syrian gold is one of the most prestigious kinds of gold in the world. It competes with the Italian gold and it has many advantages that are not available in the gold of other countries.

The work of a goldsmith in Syria is distinguished by its high quality innovate designs, professionalism, accuracy and purity. Most of the Syrian gold jewelries are hand-made, not machine-made which indicates the craftsmanship of Syrian jewelers, who have sought preserving the identity of a handicraft that goes back to thousands of years.

On gold smuggling, Jazmati said that there are no smuggling incidents currently as borders are closed. Before the coronavirus crisis, there were many cases of smuggling raw gold and selling it in neighboring countries because its value is higher there, he added.

He explained that gold is usually being brought in to Syria via the Lebanese capital, Beirut, noting that the pricing of gold is specified in conformity with its value in the neighboring countries in order to avoid smuggling.

To know more about the situation of the gold market, the Syria Times visited Souk al-Sagha or "the jewelry market", located in al-Hariqa neighborhood of old Damascus. Most of the shops were open, displaying their goods. But sadly, very few people visited the market, most of them came either to repair damaged gold or to have an idea about gold prices.

A wholesaler working in the market told Syria Times that "gold is very expensive. we used to sell 100-200 pieces a day before the coronavirus crisis, but today I haven't sold a single piece. High gold prices are a problem to both customers and goldsmiths and we hope that prices will decline so that people can buy and the market restores its activity."

    

Another wholesaler complained about the lack of gold coming to the market, calling on the government to help ensure raw gold to goldsmith workshops so they can manufacture gold products and fill their shops with wonderful pieces.  He said that citizens are not selling gold nowadays. they prefer to keep their own and buy new pieces to preserve their money in the light of unstable exchange rate of the Syrian pound.

Just about 100 meters away from Souk al-Sagha, Manal, a retired teacher, told Syriatimes "I like gold and I like buying it to wear as jewelry or to keep for hard times."

"Besides my wedding gold, I used to save money from my salary and buy gold, especially liras because, unlike money, they don't lose their value," she said, pointing out that the difficult economic situation in the country and the increase in the prices of goods left no place for gold in people's life, particularly in the light of high gold prices.

Report and photos by: Hamda Mustafa

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