Bombay (AFP)

In the bustling Bombay Jewelry Bazaar, Kavita Jogani, dead in the soul, tries to get the best price before handing over her wedding bracelets.

Like her, thousands of Indians find themselves forced, to overcome the economic crisis, to part with their golden possessions, often loaded with intimate memories.

Few people love gold as much as Indians.

No Indian marriage can be successful without its weight in gold.

This is the time that families choose to put part of their savings to safety by changing them into ingots, necklaces, rings, bracelets and other gold objects, the ultimate safe haven.

And if economists see the rebound in growth of Asia's third largest economy after a historic setback resulting from the battle against Covid-19, many Indians are still not feeling the effects.

"We are going through a very (serious) financial crisis because of the pandemic. To meet our expenses, I have no choice but to sell gold," Kavita Jogani, manufacturer, told AFP. clothing.

She places her eight gold bracelets on a velvet tray and nervously awaits the expertise and the offer of the jeweler.

“I bought these bracelets before I got married 23 years ago,” recalls the 45-year-old.

Her business has suffered severely from the various lockdowns since March 2020 and now she is struggling to honor the company's invoices and the salaries of its 15 employees.

A store manager talking with customers in a jewelry store in Bombay, August 11, 2021 Punishes PARANJPE AFP

Business closures and job losses plunged more than 230 million Indians into poverty last year, and many can no longer finance spending, says Azim Premji University study as essential as rent, tuition and medical costs.

Their difficulties have been exacerbated in recent weeks by soaring electricity and fuel prices, among other things.

- "To burst into tears" -

Desperately in need of cash, many families and small businesses are pledging their family jewels against short-term loans to keep up.

According to Central Bank data, Indian banks granted $ 63.65 billion in "loans for gold jewelry" in the first eight months of 2021, an impressive 74 percent jump year-on-year.

The local press is inundated with notices of gold auctions, and financiers suffered massive defaults forcing them to sell the gold placed as credit collateral.

Kumar Jain, 63, whose family has run a store for 106 years in the old Zaveri Bazaar in Bombay, had never seen such a parade as in recent months where a majority of women come to sell their jewelry.

“It wasn't like that before the pandemic,” he says.

The worst thing, according to him, is seeing his clients parting with their traditional wedding necklace.

"It breaks down into tears when they pull the 'mangalsutra' from their necks and say: + Give me money for that. + It's the worst case scenario."

- Gold insurance -

According to the World Gold Council, Indians bought 315.9 tons of jewelry that is trading at the value of gold in 2020, almost as much as the Americas, Europe and the Middle East combined.

Only China buys more.

The precious metal has significant cultural significance for the 1.3 billion people belonging to this ancient civilization.

Remaining in the eyes of the Indians the surest means of passing the family fortune from one generation to the next, without fear of devaluation, gold is additionally loaded with auspicious meaning.

For this reason, gold offers itself to honeymooners and birthdays, according to Dinesh Jain, director of the All India Gem And Jewelery Domestic Council (GJC).

"It is the only social security for women and the household," he told AFP.

"Gold is like cash," he continues, "you cash it in at any time of the day or night."

Of his eight bracelets plus a small necklace and several rings, Jogani makes some 2,695 dollars.

"Formerly, when my mother said to me: + you must put gold aside +, I didn't care", sighs Jogani, "I understand the lesson today".

© 2021 AFP