Debt crisis: Italians turn to cash-for-gold shops

Italy has seen the number of cash-for-gold shops multiply significantly in recent years as citizens there are forced to sell jewellery to pay bills.  

According to media reports, the Eurispes think-tank estimates that the number of gold-buying shops has quadrupled in the last two years.

As has been happening in Ireland and other countries, citizens in Italy are finding the ongoing austerity programmes is resulting in less and less money to pay basis bills. Buying gold has become one of the boom industries.

It is estimated that there is an estimated 28,000 “cash for gold” outlets in Italy, according to Gianni Mancuso, one of six centre-right MPs who last month presented a request in parliament for the government to regulate the sector more strictly.

As with many growth sectors, the Government in Italy is now looking at how it will regulate the industry there…a codeword for how it plans to generate additional tax.

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