How Egyptians are Coping with the Economic Crisis
Shifting Trends in Jewelry
Egyptian women are receiving silver jewelry instead of the traditional gold “shabka” due to surging prices and a weakening currency.
The Economic Crisis Unfolds
The economic crisis in Egypt has led to inflation of over 30% and a 50% devaluation of the currency against the dollar.
Impact on Gold Prices
The price of 21 carat gold has risen by more than 120% in a year, making it unaffordable for many.
Surge in Demand for Silver
Demand for silver has increased as it remains a more affordable alternative to gold in the face of soaring prices.
Struggle for Affordability
Many individuals, like Eman Mahmoud, are finding it difficult to afford gold jewelry and are opting for silver as a more budget-friendly option.
Seeking Safety in Other Investments
With the devaluation of the currency, many people are turning to foreign currency and property as safer investments.
Rise in Silver Prices
The price of silver has more than doubled in a year, but it remains significantly cheaper than gold, making it a popular choice for many.
The Story of Ramy Zahran
Ramy Zahran, an 18-year-old student, shares his experience of investing in silver bullion due to the unaffordability of gold.
The economic crisis in Egypt has had a profound impact on the traditional practices of jewelry, with silver becoming the new gold for many. As prices of gold continue to surge, individuals are turning to more affordable options. This shift reflects the struggles of the population in the face of economic instability, with many seeking alternative investments to safeguard their savings.
