“Counterfeit Gold”: The Complete Account of Fake Jewelry in Damascus Markets
This investigation uncovers the widespread circulation of what is locally known as “counterfeit gold” during the past decade and a half of the former Assad regime era, when gold jewelry and coins of lower-than-declared purity were traded despite bearing official hallmarks.
Drawing on testimonies and evidence, the investigation reveals a system that allowed adulterated gold to pass through loopholes in the inspection and hallmarking process. As a result, counterfeit products entered the market, causing significant financial losses to Syrians who relied on the precious metal as a form of savings and raising serious questions about whether confidence in Syria’s gold market can be restored.
