Concerns Over Rising Gold Prices in Tunisia
Hatem Ben Youssef, President of the National Chamber of Jewelers, has expressed his concerns over the increase in gold prices in Tunisia, caused by the global surge, which now exceeds $3,800 per ounce. This puts significant pressure on the local market. Jewelers have very low profit margins, often below 2.5% after fees, and some are even forced to sell gold at a loss to avoid greater losses.
Impact on Demand and Market Stability
The rise in gold prices has reduced demand, particularly during the wedding season, with more cautious customers preferring to buy smaller gold pieces instead of expensive jewelry. Furthermore, the closure of the central guarantee office complicates the situation. Without this agency, jewelers cannot recalculate the value of gold or return items, slowing down the market. The lack of regulation also fosters speculation, increasing uncertainty and instability.
Call for Regulation and Reopening of Central Guarantee Office
To resolve this crisis, Hatem Ben Youssef calls for the reopening of the central guarantee office. He believes this would restore transparency in transactions, protect consumers, and stabilize gold prices. Enhanced regulation would also revitalize the market by reducing speculation that currently disrupts the sector. By addressing these issues, the National Chamber of Jewelers aims to support the local gold market and ensure a more stable and secure environment for both jewelers and consumers.
