Jewelers have been opening their stores for four hours a day since the revolution anniversary on 25 January due to instability and several armed robberies in recent weeks, a Cairo jewelry official told state-run newspaper Al-Ahram.
Mahmoud Sherif al-Sergany, a member of the Gold, Jewelry and Fine Stones Division at the Cairo Chamber of Commerce, said jewelers closed their stores downtown and around the Interior Ministry because of clashes between protesters and security in the area.
Several robberies have been reported in recent weeks, including at a post office and two banks in Cairo and Alexandria. In Suez, a security guard at a CIB Bank branch thwarted an armed robbery after a firefight with the perpetrators.
The price of an ounce of gold decreased this week by US$13 to $1,714 at the international exchange, Sergany said, blaming it on the eurozone debt crisis.
Locally, one gram of 21-karat gold devalued to LE286, compared to LE290 last week; 18-karat gold costs LE245, compared to LE248; and 24-karat gold LE326, compared to LE330, according to Sergany, who attributed the price drops to citizens’ concerns about security.
Jeweler Atteya al-Soussy called on the Interior Ministry to allow jewelers to carry weapons to defend themselves and their businesses, but the ministry has not yet reviewed the request, Al-Ahram reported.
Families had always bragged about bridal gifts of jewelry, Soussy said, but this changed in light of skyrocketing prices. He said bridal gifts now commonly include only the wedding ring and another piece that usually costs about LE5,000. For some affluent families, the gift could be a diamond ring worth around LE40,000.
Soussy told Al-Ahram that jewelers don’t display their jewelry, fearing riots and robberies, particularly during celebrations of the revolution’s first anniversary.
