Beirut jewellers prepare for 'gold rush' ahead of Eid

Lebanon has struggled since the 2019 financial crisis but things are slowly starting to get better

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.”