The Mneimneh Diamond in the Barbeer neighbourhood of Beirut is anticipating an increase in customers who want to buy or sell gold.
Ahead of the Eid holiday, many are going to the store because they regard gold as a safer investment than currency.
“Right now, the market is slow because of the situation in the region. This is safer than cash, because when you buy gold, you spend less and its value goes up, not down,” says Mahmoud Al Masri, who has worked at the store for 18 years.
“If you had $1,000, its purchasing power has gone down since last year whereas with this, you gain more money.”
The financial crisis began in 2019, and many people were forced to sell their gold because there were no more dollars in Lebanon.
“When people had $50 in the past, they used to buy a ring with it. But now, gold is more expensive than before, and people are starting to adapt to buy more gold as savings because they no longer have trust in cash or banks,” he says.
However, things are slowly starting to get better in Lebanon.
Reem Mourtada, a customer in the shop, was gifted jewellery as an engagement present. She was with her mother and sister and her fiance’s mother and aunt.
“They’re here to help me because it’s my first time,” she says. “Families should stick together and love each other. We are all very close.”
She also said she encouraged everyone to visit the shop, very please with what she had received.
Meanwhile, Tarek Akkawai specialises in cleaning and fixing jewellery in Beirut. He has also felt the effects of the crisis. He says that the amount of gold he receives can vary, some days it is 1kg while on other days it can be as much as 3kg.
“There was a larger volume of scrap gold on the market before too,” he says. “We sell used gold and we also make our own pieces. When we get scrap gold, we melt and pour it and when we get clean pieces, we display them.”
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
