Yemen – Economic situation collapse threatens the gold sector in Yemen

Last updated Nov 5, 2022

Location: Aden, Yemen

Language: Arabic

Duration: 00:04:08

Voice: Natural

Source: A24 Aden

Restriction: A24 subscribers

Date: 03/11/2022

Storyline:

Yemeni people struggle with high gold prices amid poor living conditions and economic deterioration.

Gold dealers in the Yemeni city of Aden complained about the lack of citizens’ desire to buy gold, especially those who are about to get married and those who are thrifty enthusiasts.

According to traders, demand and supply for the yellow metal fell sharply due to the security chaos and the repercussions of the Russian-Ukrainian war, which led to a decline in sales during the recent period.

Shot list:

Soundbite (Tariq Muhammad Salih – owner of a gold store):

“The first reason is the appreciation of the currency amid global events such as Covid-19 and the repercussions of the Russian-Ukrainian war that greatly affected the cost of food and drink, people consider gold an essential thing especially in weddings, so they have to borrow money from their acquaintances to be able to afford it. These are the main reasons decreasing demand for gold.

Soundbite (Anwar Thabet – gold dealer):

“We shop owners are suffering now. The customer thinks that the situation is still the same as it was in 2015. After 2015 the situation has changed, for example, what can a million riyals afford? We try to cooperate with customers as much as possible but we must also bear in mind not to incur damage to the seller.”

Soundbite (Hamdi Naguib – citizen):

“I am about to get married and the bride and her family asked me for 30 grams of gold, and I tried to collect money to buy gold. The price of Emirati gold reached 75 thousand Yemeni riyals per gram, and they asked me for 30 grams, which is equivalent to two million or more! Without mentioning the wedding hall reservation and dowry. I have a job and my salary is about 200 Saudi riyals! This situation is stressful for me. I had to cancel some necessities so that I could buy gold.”