BANGKOK (Reuters) – Thailand’s sluggish economy and record gold prices have prompted many elderly Thais to cash in family heirlooms as they struggle to make ends meet. Dealers say gold purchases are simply too expensive for most Thais and so dealers are melting down hocked jewellery and selling it abroad for gold value.
The profit they make is from the government-regulated five percent discount to market prices they are allowed to pay customers selling rings, bracelets and necklaces.
According to Commerce Ministry figures, Thailand exported 76 tonnes of gold in 2007 — an increase of almost 50 percent from the previous year — suggesting the trend to cash in jewellery has been going on for at least a year or so.
(the whole article from Reuters).
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