Rise in number of Palestinians selling their gold jewellery

Ramallah (QNN) – In an apparent direct result of the financial crisis facing the Palestinian territories, the Palestinian Ministry of Economy said today that there was a rise this month in the number of people who are selling their gold jewellery.

The director general of the Directorate of Precious Metals in the Ministry of Economy, Yacoub Shahin, told official PA news agency Wafa there was noticeable increase in the number of people selling of their gold jewelry possessions in light of the current financial crisis.

He said the sold gold covers a good portion of the market demand, a phenomenon not seen since 2013.

Over 200,000 public employees have been getting only half of their monthly salary since February after Israel decided to deduct millions of dollars from the Palestinian tax revenues it collects on the Palestinian behalf at its borders. As result of this decision, the Palestinian Authority decided not to accept any of the around $200 million clearance money if incomplete, which covers around 60% of the Palestinian budget and goes mainly to pay salaries for civil and military employees.

The amount of gold received by the Directorate declined in June by 6% compared to the same month of last year and amounted to around 789 kilograms, according to the directorate’s monthly report.

It said that its revenues from stamping operations, which amounted to about 1.42 million Israeli shekels (app. $400,000), were down by 1% in comparison to the same month of last year.

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