
A sign advertising the services of a pawnbroker, which reads "I buy Gold, Silver and Diamonds", is seen in Rome August 17, 2012. City centres are being transformed as traditional shops go out of business, their signs replaced by ones that announce "Compro Oro", or "I Buy Gold". The Eurispes thinktank estimates the number of "Compro Oro" shops has quadrupled in the last two years. The proliferation of pawn shops, with an estimated annual turnover of 7 billion euros, is a very visible sign that for millions of Italians life has changed for the worse.
"I can't get to the end of the month without running up debts," said Mr. Novelli, 56, who has to support an ex-wife and daughter. "I know I won't get much, but I need the money."
In a country suffering from economic crisis, buying gold off desperate people has become one of the few boom industries.
City centres are being transformed as traditional shops go out of business, their signs replaced by ones that announce "Compro Oro", or "I Buy Gold".
The Eurispes thinktank estimates the number of "Compro Oro" shops has quadrupled in the last two years. The growth of the industry is "a very good indicator of the level of hardship in the country," said Gian Maria Fara, the think tank's president.
"Business is very good, you can really feel the crisis," said 30 year-old Alexia Messi, who works in Oro Change on Via Medaglie D'Oro in northern Rome. It opened its first branch five years ago and now has seven outlets in Rome.
"People are never happy to sell, but now they come in with anything - gold, silver, old stuff, new stuff. I would say we have twice as many customers a day as we did a year ago."
Meanwhile, the toll of the crisis is being felt by traditional retailers. In central Rome, Massimo Della Rocca, 57, who has run the men's' clothes shop EDEL since inheriting it from his grandfather 30 years ago, is planning to close up.
"Things have been getting worse for years but now it's becoming impossible. Sales this summer are down 25 per cent from last year," said Mr. Della Rocca, whose garments are all made in Italy from local fabrics. "It's sad because this shop has been going for 80 years."













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