Kosovars bought more gold this year

I bought a lira this year (golden drivers in the neck) as the purchase of gold is an investment of flammable wealth, and in case of need it is even possible to sell, the financial value does not fall to”, Zeka tells Radio Free Europe.

That during this year there has been an increase in import of this precious metal in Kosovo, even official Kosovo Customs data shows. From January this year to August, more than 72kg of precious metals have been imported, or about 20 pounds [30 kg] more than last year.

By 2020, about 33 pounds [33 kg] had been imported, in 2019, 45 pounds [45 kg], in 2018 about 56 pounds [56 kg], and 44 kg [44 kg] of gold had been imported in 2017.

For these five years, the Adriatic Stavileci, spokesperson in Kosovo Customs, says around 270kg worth over 7m euros have been imported. Import is mainly done by Turkey and Italy”.

One kilogram of gold, according to the Kosovo Artitarian Association, behaves around 49,000 euros.

The chairman of this association, Enver Packasica, tells Radio Free Europe that this year there has been an increase in the sale of precious metal more than the previous year.

Last year, Kosovo has faced restrictive measures to prevent and fight the pandemic COVID-19 and has not been allowed to host parties, and a small number of Kosovo citizens living in different European countries have arrived during holidays.

This year, all weddings and feasts are made lawful for each other; and what makes gold better. At these gatherings women usually place more gold, such as earrings, rings, bracelets, and other accessors.

In contrast to last year, sales have been good. A greater influx into stores has been from diaspora citizens. Those 15 months have not been in Kosovo, and this year they have spent more. We should thank you. But there are cases that citizens buy gold as a reserve because the most efficient investment is the precious metal”, he points out.

Radio Free Europe has requested from the Ministry of Trade and Industry the number of shops dealing with this event in Kosovo, but until the moment the text is published, there has been no response.

Gona Zeka lives and works in Kosovo. In July, her brother living in Germany was married, and the wedding ceremony was held in Pristina. And as a gift to the couple, she bought gold ornaments worth 400 euros.

With economic conditions the price of gold is high, but it's worth it because it's a product that doesn't spoil and remains. Even though marriage occurred in pandemic times, we are people who follow our traditions and traditions are that in marriage, every expense seems reasonable”, she says.

That the interest of various states, but citizens, has also increased in buying gold as a reserve, says University of Pristina economics professor Majid Bektash. Gold as an asset has greater liquidity and stability of the price, he says, adding that citizens and states that do not want to accept any high risk, are instructed to save their financial assets on their gold reserves.

In the last decade, the price of gold has been very stable. People have faith, greater expectations than in the event of crisis or a possible disaster, citizens easier their created wealth, can save it through gold than through other currency, such as euros, dollars, cryptovalus, or other valuable letters. That is why the demand for gold is growing”, Bektas points out.

In addition to the citizens who individually provide gold reserves, the states do so. The Republic of Kosovo is the only country in the region that has no gold reserves. Serbia has 19.8 tonnes of gold reserves, northern Macedonia 6.9 tonnes, Bosnia and Herzegovina 3 tonnes and Albania 1.6 tonnes.