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Tbilisi Gold Exchange on the Brink of Closure

Tbilisi Gold Exchange on the Brink of Closure

Tbilisi Gold Exchange is on the brink of closure – as the traders say, all of them are registered in the status of individual entrepreneurs and each week on average five people  cease the  business.

“Of course, they are replaced by others, but many of those who came prefer to leave after assessing the situation. In the last 2 months  the situation has worsened. There are  almost  no customers. People do not have money for food, not to mention the jewels.  This is despite the fact that in the last couple of months, gold has fallen in price dramatically and now is the best time to buy it,” say the traders.

Today, 1 gram of gold costs  55 GEL, unwrought gold –  GEL 46.

According to  David Tsikaridze, Director of “Admiral Markets” representation in Georgia,  gold price has been falling for 5-6 months in the global market, although this does not have much influence on the situation in Georgia, as the majority of citizens think only about survival and  the price of gold does not have any significance for them.

In Georgia, there are many  other urgent  issues such as the investment climate, the effectiveness of the government to attract new technologies, etc. We shouldn’t blame external factors, and it is time to solve our own problems which need to be addressed,” says the financier.