Commodity Online
MUMBAI: Gold is the ultimate solution to all your woes during a recession time like this.

This lesson was learnt by one and all across the globe following the meltdown triggered by the subprime crisis in the US.

People across the globe are now digging out their old jewellery and selling them off to tide over the crisis after the recessionary trend slowly squeezed out their savings.

People in the US, Europe and South Korea are selling their jewellery to pay back loan instalments and other debts.

According to reports from across the globe, people are even selling off their wedding rings to tide over the crisis.

In fact, South Koreans are feeling the pinch most. They are selling gold jewellery, including wedding rings, amid the economic downturn.

Amid the severe economic slump, they are selling gold rings and other jewellery to make up for loss of income or to repay in instalments bank loans they took out to buy houses.

Unlike before, when sellers were from all age groups, many now are in their early 30s.

Often they sell gold rings traditionally given to children to mark their first birthday.

Jewellers’ business had also been hard hit by the economic recession and the surge in gold prices.

There are many more sellers than buyers as gold prices have more than doubled over the past two years.

As economic woes deepen, increasing numbers of consumers are seeking to cash in their idle assets including jewellery.

Many grooms used to give brides rings, earrings, necklaces and bracelets. Now more couples are exchanging wedding rings only.

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