Desperate Indians sell family gold to survive Covid-19 cash crunch

A shop manager speaking with a customer at a jewellery shop in Mumbai, India. Desperate for cash, many families and small businesses have been putting up gold jewellery as collateral to secure short-term loans to tide them over. – AFP pic, October 13, 2021.

KAVITA Jogani gingerly places her wedding bangles on a shopkeeper’s scales in a jewellery bazaar in Mumbai, India, one of thousands of Indians parting with their most cherished asset – gold.

It was not an easy decision – Jogani was desperate after her garment business took a severe hit and multiple coronavirus lockdowns in the past year and a half, making it difficult to pay shop bills and the salaries of her 15 employees.

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