Skyrocketing prices setting a new trend of buying gold on installment

By ARJUWAN LAKKDAWALA | ARAB NEWS

JEDDAH: With the price of gold skyrocketing and no immediate signs of it coming down, people wanting to buy gold for their immediate needs are in a dilemma — to buy then how to buy.

The prices in the market makes it nearly impossible for people with an average income to afford gold.

For these people, some of the gold jewelers have come up with a solution — gold on installment.

The process is simple, and the gold bought by the customer is kept in trust with the shop owners till the amount is paid.

“I’ll soon be getting married, and I was worried by the fact that without buying any gold, how could I get married? Since traditionally a bride must have some new gold, but it has become so expensive I can’t afford it,” said Alya Ebrahim Meshary.

“But this new scheme is helpful. Now I’m going to buy gold on installment, so that by the time my wedding date nears I’ll have purchased the new ornaments,” she said.

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Categories: Asia, Economics, Saudi Arabia

4 replies

  1. It is good way to help those in need.

    However many people are rushing to buy and hoard gold these days and that reminds me of following verse of the Holy Qur’an:

    “And those who hoard up gold and silver and spend it not in the way of Allah — give to them the tidings of a painful punishment,

    On the day when it shall be made hot in the fire of Hell, and their foreheads and their sides and their backs shall be branded therewith and it shall be said to them: ‘This is what you treasured up for yourselves; so now taste what you used to treasure up.’ (Al Qur’an 9-34,35)

  2. Pls i need some details on how to buy and sell gold in a wholesale price. Kindly, email me and lets work in a co-operate manner.

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