BUENOS AIRES.- In the commercial center of the capital of Argentina, while a shoe store remains empty, the gold buying shops are full of people desperate to sell their family jewels. The economic crisis has forced many Argentines to part with their prized possessions, in an effort to deal with debts and everyday expenses.
Mariana, a 63-year-old retiree, is one of these cases. Despite having worked as a judicial employee, her pension is not enough to cover basic expenses, eroded by annual inflation of almost 300%. Recently, she decided to sell the watch that her grandfather had given to her father upon graduation. “Affections are left aside when your debts cover you,” Mariana confessed, preferring to keep the amount received and her last name in reserve. The money will be used to pay housing debts and arrears on her health insurance.
This story is repeated daily in places like El Tasador, one of the main jewelry buying and selling houses in Buenos Aires. In its art deco-style room, around ten clients wait to sell their belongings.
The increase in sales has been notable. At El Tasador, around 300 transactions are currently carried out daily, three times more than last year. “Since January, the number of people who come to our salon began to increase. We have expanded capacity and hours because we can’t cope,” said Natalia, who also chose not to reveal her last name for security reasons.
On Argentine television, at least five appraisal programs sponsored by major jewelry stores reflect the intense competition in this sector. With the economic crisis, Argentines have been emptying their savings in dollars, commonly kept at home, and now resort to selling their jewelry to survive.
Daniel, a 56-year-old unemployed public accountant, visited several locations to appraise a silver keychain, but was disappointed when he received very low offers. “The situation is difficult, life in Argentina is very expensive,” he lamented.
Carlos, manager of a small jewelry store, observed that most of his clients come to sell, not to buy. “They bring anything in to be appraised, especially at the end of the month, when the bills arrive.” The most common pieces for sale are wedding rings and other family jewelry.
According to Natalia, before, people sold gold to finance projects such as buying a car or renovating a house. Nowadays, selling jewelry has become a desperate measure to cover basic expenses. “Gold has always been sold, what has changed is the purpose for which it is sold,” she concluded.
Source: With information from AFP
