Afghanistan: Takhar jewelry sector hit hard by ongoing economic crisis

The Union of Jewelers in the city of Taloqan, the center of Takhar province, has reported a significant drop in sales in the jewelry sector in the province.

This drop is attributed to the economic crisis that has gripped the country for almost two years.

Hameedullah, the head of the union, stated that they predict a 30% decrease in sales this year. In some instances, there has been a sharp increase in the number of people selling back their jewelry.

“We have observed a considerable drop in customers and the demand for jewelry,” he said.

Jewelry shop owners in Takhar said they are struggling to cover costs, including shop rents every month. They have warned they will have to close their businesses if the situation continues.

“It has become increasingly challenging for us to meet the shop rents and other expenses. If things don’t improve, we may have to shut down,” said Abdul Hakim, one shop owner.

Takhar residents meanwhile voiced their concerns about the increasing levels of poverty and unemployment across the country in the past 22 months. They said they simply cannot afford to buy jewelry.

“The economic hardships have affected everyone. Poverty has risen, and people can no longer afford to purchase jewelry,” said Fawad Farzan, a resident of Takhar.

Ramin, another resident of Takhar, added: “The economic situation is dire, and people’s priorities have shifted. Buying jewelry is a luxury that many can no longer afford.”

A recent report by the World Bank highlights the decline in per capita income in Afghanistan from $500 to $350 over the past two years. This economic setback further exacerbates the challenges faced by the population, making it increasingly difficult for them to support the jewelry sector.