Anastasia Balezdrova
The price of gold has reached ever-new heights in recent days. Yesterday, an ounce of the precious metal cost the record high $ 1801, an increase of 2.4 per cent. The financial instability makes global investors prefer to bet on gold as a reliable asset. It seems that many Greeks do the same, as they prefer to buy gold coins and the more affluent - bars to secure their savings. According to unofficial data, while the danger of the collapse of Greek banks has forced hundreds of their clients to deposit their money abroad, another part of the Greeks have bought hundreds of gold coins from the Bank of Greece or private traders because "gold never loses its value."
Meanwhile, trade in gold jewelry in Greece has dropped significantly. The owner of one of the oldest and most famous jewelry stores in downtown Athens and all colleagues of his reported less or greater losses. "Jewelry is the last thing people buy. We have even drop in sales of two things that people always buy: wedding rings and crosses for christening. Now, customers are looking for the cheapest possible crosses, and many young couples even prefer to buy silver wedding rings. Their price is at least ten times lower than gold."
The designer, who has been making and selling jewelry for 42 years, says that even his regular wealthy customers no longer buy. "The crisis has not affected them. They just do not have the mental attitude to buy jewelry. High spirits is necessary to be in finery but the spirits is not around these days. Just look at Athens. People are much concerned and thoughtful. Not to mention the attacks to rob jewelry which are not at all rare. Something similar happened just recently - the attackers entered a restaurant and robbed the jewelry of the customers who had dinner in it."
However, the crisis is not the only reason for the reduced sales of gold jewelry. "Once, the family of the bridegroom and his relatives were flocking to buy gold jewelry for the future daughter-in-law. Thus, they provided for the woman who felt secure by having her own capital. However, times are changing. The Greek woman has emancipated, and this custom is now forgotten. Today, people are buying jewelry to be beautiful and for pleasure. Many women who have received such gifts for their weddings once now unfortunately have to sell them in pawnshops to obtain cash."
He says that another reason for the decline in trade in gold jewelry is the mass production of fake jewelry, and the fact that some wealthy customers rely on the brand, not on the unique jewel. "Some women prefer to pay 40,000 euro for the jewel of a world known company than 20,000 for one of our unique jewelry."
Although August is a very strong month for tourism in Athens, not a single customer entered the elegant shop during my hour-long stay there. The jeweler said that some big cruise companies this year have removed Greece from the list of ports visited because of the street protests and strikes. "But I can not get angry on taxi owners or other people who protest. The fish smells from the head. The state must carry out the changes in the right way rather than though piecemeal and unjustified measures. You see, two days ago they announced that they would increase VAT on restaurant services. How could anyone expect that this could have a positive effect on the market?"
The rise in gold price worries the jeweler, who thinks that it is due to the general financial instability. "I think it is artificially inflated. What we want is a stable market on which to sell our goods. Despite today's difficulties, I think that this is a circle and things will get to their normal. This requires political leaders who should take responsibility and take the necessary measures. "
Far more negative were the owners of shops selling jewelry, not of the same quality, as well as silver icons, pottery and jewelry. "People have no money for food, how could they buy jewelry?" responded the owner. She complained of the lack of customers and tourists as the "strikes and riots drove them away from downtown Athens."
"There are two ships today. I hope we will have more work," shared the owner of a jewelry shop to the woman from the next shop for bags. Many tourists, however, merely stood in admiration before the jewelry in the windows and did not even get in the shop to ask for their prices.
The main shopping street in the picturesque neighbourhood of Plaka was full of tourists but they definitely preferred to buy something cheaper like a silver bracelet or earrings in the familiar Greek patterns.
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