How diamonds became Syrians' best friends
Syrians have been buying diamonds instead as the global prices of gold continue to increase.
DAMASCUS — Louay al-Zahid, owner of Al-Malaka jewelry shops in the Syrian capital Damascus, told Al-Monitor that diamond price have fallen for a second week in a row in the Damascus markets, reaching 10% below the previous prices.
Zahid said that the drop in diamond prices has accompanied a drop in demand for gold. He said that his stores across the capital serve about 100 diamond buyers per day as the demand for diamonds in Damascus has increased dramatically.
“Sales are up for the second week in a row. Gold and diamond dealers expect their diamond revenues to increase significantly for the first time since the Syrian crisis as demand has risen by more than 30%,” he added.
Jamil Qaisar, owner of the Qaisar jewelry shops located in several Syrian cities, told Al-Monitor that the price of a carat of diamonds in the Syrian market reached 160,000 Syrian pounds (about $50) this week.
