InfoAnda - High prices wipe shine off old Dhaka's gold bazaar

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Intel says in talks to settle US antitrust probe | 22 June 2010
U.S. warns China on North Korea | 21 January 2011
Obama to give church talk, stump in Massachusetts | 17 January 2010

Mexican Oil Company Lawsuit Accuses U.S. Companies of Theft Conspiracy | 9 June 2010

Forum Views () Forum Replies ()

Read more with google mobile : High prices wipe shine off old Dhaka's gold bazaar

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World High prices wipe shine off old Dhaka's gold bazaar AFP - Thursday, January 7 Send IM Story Print A Bangladeshi man is seen searching for gold in a sewer at the city's historic Tanti Bazaar in Dhaka. Gold prices have dropped slightly from their peak in December but at around 1,100 US dollars an ounce this week -- around 250 dollars higher than a year ago -- they are still too high for many of Bangladesh's normal buyers. DHAKA (AFP) - – Every morning, before Dhaka's goldsmiths open their shops in the city's historic Tanti bazaar, Shahabuddin climbs into the sewers under the alleyways to pan for scraps of discarded gold. When bullion began its record-breaking rally in 2008, the tiny specks of gold that Shahabuddin fished from the sludge earned him up to 1000 taka (14 dollars) a day -- a fortune in Bangladesh, where the average wage is 25 dollars a month. "Initially everyone was happy with gold prices rising as it brought better returns," he said. But when gold hit a record above 1,226 dollars an ounce early last month, Shahabuddin, 45, and the 20,000 goldsmiths at the Tanti Bazaar saw the other side of the commodities boom. "Because of sky-high prices most people have stopped buying gold ornaments even for weddings. Marriage season has begun, but most goldsmiths are sitting idle," Shahabuddin said. There are around 400 gold shops and factories at the bazaar, most of which have been run by Hindu goldsmiths since the market was founded in the 18th century. Usually, the bazaar's narrow alleys swarm with customers as the artisans work night and day during the winter wedding season and at major Muslim festivals such as Eid al-Fitr. But this year the market is quieter. "If the goldsmiths don't have any work, we don't have anything to collect," Shahabuddin said, adding that he now finds only 100 to 200 taka of gold scraps a day and thinks searching through human excrement "too foul" for such meagre rewards. Gold prices have dropped slightly from their peak in December but at around 1,100 US dollars an ounce this week -- around 250 dollars higher than a year ago -- they are still too high for many of Bangladesh's normal buyers. "The middle class has simply stopped buying gold ornaments for weddings. Even the rich no longer buys gold for gifts," said Ganga Charan Malakar, owner of the country's biggest chain of gold shops, Venus Jewellers. Bangladeshi traditions require a groom to give a full set of gold ornaments to his bride as a wedding present. The ornaments normally weigh between 40 and 200 grams, depending on how wealthy the groom and his family are. Malakar, who started his career as a goldsmith in Tanti Bazaar in the 1960s, said jewellery sales have fallen over 50 percent in the last year, forcing hundreds of artisans to close their shops or run their business at a loss. "When bullion prices began to increase, we were happy because we could sell our stock with better returns. But now there is no sign that prices are coming down to an affordable level," he said. "Look at my shop: it is empty. During this season in the past, we used to hire extra salesmen to handle clients. I've never seen anything like this in my life," he said. Malakar, who is the president of the 25,000-member Bangladesh Goldmiths Association, said that over the last year, the small jewellery factories at Tanti Bazaar had slashed many jobs. "My factories used to employ over 2,500 workers during the winter. But this year we have only about 1,000 workers. Many of the factories which would do contract work for other jewellers have folded due to lack of orders," he said. Paran Chandra Sarker, 28, started his career as a apprentice goldsmith 12 years ago when "it was one the best career choices for a poor, uneducated Bangladeshi Hindu man." At Tanti Bazaar, thousands of goldsmiths like Paran work in tiny, dingy workshops. They mould gold into necklaces, earrings, tiaras, bracelets, rings and chains using only sulfuric acid, blowpipes and practised skill. At night, they sleep in their workshops -- Paran and 16 others live in one room, in which they can only lie down when they have carefully stacked their small work benches and bottles of acid into one corner. When business was booming, Paran, now a top goldsmith at Preeti Jewellery workshop at Tanti Bazar, would earn up to 40,000 taka a month. "All the Hindu parents used to want to marry their daughter to me," he said wistfully, explaining that he now fears it will be much harder for him to find a wife. In the past six months, he struggled to make half that amount as demand for jewellery -- and his craftwork -- has dried up. "Now I toil until 03:00 am for just 15,000 taka a month. A lot of my friends have left the trade or gone to India," he said. At the Tanti Bazaar today, the only businesses that are thriving are the pawn shops, as people hard hit by the impact of the global recession come to mortgage their beloved jewels for some much needed cash. "Business is not bad at the moment," said Kartick Roy Poddar, 63, the owner of the country's largest pawn shop, with a wry smile. When he started the Adi Kartick Roy Poddar Pawnshop four decades ago there were only a few pawnshops in Tanti Bazaar, but now they are everywhere. According to the bazaar's Gold Merchants Association, the number has nearly doubled over the past five years. "Tanti Bazaar will soon be known for only the pawn business, not for gold jewellery anymore," he said. Recommend Send IM Story Print Related Articles Art director John Shaffner voted TV Academy CEO AP - 56 minutes ago Alec Baldwin, Meryl Streep on tap for SAG Awards AP - 2 hours 19 minutes ago `American Idol' thinks young, edgy in ninth season AP - Friday, January 8 Japan conductor Seiji Ozawa diagnosed with cancer AP - Friday, January 8 Chinese director accepts decision to pull film AP - Friday, January 8 News Search Top Stories New US jobless claims edge up Poor euro retail sales trigger fears of recovery rut Yen drops on Japanese finance minister comments New for 2010: anti-wrinkle bras, protein undies Eurozone retail sales hit pre-Christmas reverse More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended 'Plate weighing scales' to help tackle child obesity Johnson and Johnson heiress found dead in LA 'Avatar' smashes China opening-day record Iceland caught in storm after Icesave veto Last-minute deal to save Saab unlikely: GM chief More Most Viewed » British priest defends urging people to shoplift More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Thursday, 7 January 2010
Israel's Barak threatened over West Bank plans
Iceland caught in storm after Icesave veto
Cisco bringing high-end videoconferencing to homes
Correction: Israel-Palestinians story
Border shootout kills Egyptian policeman
Argentina demands resignation of central bank president
Vodafone says will sell Google smartphone within weeks
Snow brings mayhem to Britain as Europe shivers
Israel's Barak threatened over West Bank plans: officials |
'Avatar' smashes China opening-day record
Iran ex-prosecutor blamed for prison deaths
Ronaldo most popular sports star with Facebook fans
'Plate weighing scales' to help tackle child obesity
Afghan military surge mustn't harm civilian work: U.N. |
Panasonic, LG to bring Skype calls to TV
Iran diplomat quits over protests-Norwegian TV
Egypt, Hamas exchange fire on Gaza frontier, 1 dead
Consumer electronics industry hoping for a rosier 2010
AT&T eyes wireless in auto, tracking devices
Egypt allows through Gaza aid convoy after protests |
Guinea junta offers steps towards civilian rule |
Baidu to launch online video site for premium content
Smithsonian names director for NYC's design museum
Panasonic, LG to bring Skype calls to TV
Microsoft, HP to unveil new tablet: sources |
Charged Iraqi father may need mental-health exam
TV makers bet big on 3D but payoff uncertain |
Dell bringing smartphone to U.S. with AT&T |
Okla. boy says mom, her friend beat him over food
AT&T plans 5 Android phones in first half '10 |
Man charged with holding Fla. woman captive 4 days
LG says it is gaining U.S. TV market share |
AT&T eyes wireless in auto, tracking devices |
Jury selection begins in trial of Ohio drug agent
Cisco bringing high-end videoconferencing to homes |
Salazar announces tougher rules on drilling
Western China region to crack down on extremism
FBI help Mexican probe of CA man's slaying
China, Iran qualify for Asian Cup finals
Banking chief Dodd to leave US Senate
Taiwan urges US to 'treasure' ties despite beef dispute
AG Holder calls Sutton 1 of nation's 'true heroes'
China's Xinjiang issues new anti-terror rules: state media
3rd version of Va. Tech massacre report released
Indonesian president seeks coalition loyalty amid scandals
Myanmar video journalist jailed for 20 years: rights groups
Space shuttle moved to launch pad on freezing morn
Officials: Suspected US drones kill 12 in Pakistan
Child soldiers to be freed from camps in Nepal
Fiat joins crowd eyeing India's small car segment
Boat damaged in anti-whaling clash in Antarctica
Indonesia keeps overnight rate steady
China to keep inflation in check in 2010: central bank
Chinese juice-maker to pay up over hedging lawsuit
Pakistani rupee at record low; o/n rates flat
Smithsonian names director for NYC's design museum
Katy Perry and Russell Brand are engaged
Catholic Portugal set to legalise gay marriage
Precious tops NAACP Image Awards film nominations |
Bob Dylan to launch Asian tour
Dutch take to the ice in the hundreds
`Precious' leads nominees for NAACP Image Awards
French opposition takes stand against burqa ban
Heiress Johnson's body being flown east for burial
Lawyers talk next move in Polanski case
Protests grow over new US travel watchlist
Lenovo enters smartphone fracas with "LePhone"
Mobile phone use may stave off, reverse Alzheimer's: study
Qaeda says CIA attack 'revenge' for drone killings: SITE
U.S. wants Karzai, parliament to agree on cabinet |
Last-minute deal to save Saab unlikely: GM chief
Motorola may make own brand phone for Google sale
Afghan war kills three children a day: report
Fed members see high unemployment as long-term worry
Crashed plane landed in middle of Jamaica runway |
Panasonic, DirecTV team up on 3D
Blackwater staff among CIA-base attack victims: reports
UN envoy urges reconciliation with Taliban
Samsung Elec eyes TV sales jump, gets in on ebooks
Israel to deploy Gaza rocket interceptor by June
Canada police search for Chinese Warren Buffett |
AT&T plans 7 new smartphones: 2 Palm, 5 Android
Death threats ups security for Israeli minister
U.S. Mideast envoy: 2 years or less for peace talks |
Cellphones may protect brain from Alzheimer's
Egypt allows through Gaza aid convoy after protests
Microsoft, HP to unveil new tablet: sources
Afghan held at Guantanamo referred to military trial |
Israel completes testing rocket defense system
Total US online holiday sales click up 4 percent
LG says it is gaining U.S. TV market share
Myanmar election could spark rise in refugees |
Hovering drone draws rave reviews at CES
Motorola may make own brand phone for Google sale
Samsung Elec eyes TV sales jump, gets in on ebooks
LG says it is gaining U.S. TV market share
AT&T plans 5 Android phones in first half '10
In NJ airport video, man follows woman past guard
'Ellen' wins early People's Choice Award
Cambodia marks overthrow of Khmer Rouge regime
Lawsuit filed over coal dust near Alaska town
1 dead in pipeline explosion at La. Air Force base
Spitting could result in homelessness in China
Anti-whaling boat damaged during protest at sea
Group slams China's drug user detention centers
U.S. Mideast envoy
Alaska tests nation's emergency alert system
China drug centres worsen plight of addicts: rights group
Microsoft CEO unveils new HP tablet |
TV makers bet big on 3D but payoff uncertain |
Officials: Suspected US drones kill 13 in Pakistan
Navy to base USS North Carolina at Pearl Harbor
Motorola to sell inside-out phone, eyes tablet |
Kentucky couple win $128M Powerball prize
Canada police search for "Chinese Warren Buffett"
Hanes drops ads featuring Charlie Sheen
Versailles Palace to welcome Japan artist Murakami
Lenovo enters smartphone fracas with LePhone |
Calif. lawmakers pass major school-reform package
Sony says U.S. holiday season sales beat expectations |
China sentences Tibetan film-maker to six years: family
China to fund Kenya's second port, road and railway
Wireless industry in flux as Google steps in |
Panasonic, DirecTV team up on 3D |
Samsung Elec eyes TV sales jump, gets in on ebooks |
PAKISTAN
Global travel group opposes Delta-JAL tie-up
Samsung expects strong 4th-quarter profit
JAL to get 3.3 bln dollars in public funds: reports
Korea Hot Stocks
Seoul shares slip; Samsung, LG Elec retreat
HIGHLIGHTS-Bank of Korea vows to gradually adjust policy
Samsung unveils e-reader, partnering with Google
S.Korean bonds edge up ahead of rate vote
Seoul shares slip; Samsung Elec edges lower
Vampires rule People's Choice Awards
Seven films on Oscar's visual effects shortlist
"Avatar" now No. 3 among top film grossers
Shania Twain to interview Jordan's queen
Samsung teams up with DreamWorks, Technicolor for 3-D
Susan Boyle leads album chart for sixth week
Sandra Bullock steals show at People's Choice |
Polanski asks LA judge to sentence him in absentia
Hanes drops ads featuring Charlie Sheen
Polanski asks LA judge to sentence him in absentia |
Polanski attorney requests sentencing in absentia
Jason Alexander joins Jenny Craig ranks |
2 films pulled from festival over Dalai Lama doc
Animators rewrite filmmaking book |
Avatar now No. 3 among top film grossers |
Writer-directors wear both hats comfortably |
Susan Boyle leads album chart for sixth week |
China jails Tibetan film-maker for six years |
Some films are still waiting for an awards bounce |
Blasts kill 6 in Iraq's western Anbar province
Six European hostages still alive in Yemen: official
3-D TV all the rage at Consumer Electronics Show
Plane bomb suspect joined al Qaeda in London: Yemen |
Eurozone retail sales hit pre-Christmas reverse
Copts protest in south Egypt after fatal shootings
Al Qaeda claims attack on CIA workers in Afghanistan |
Mobile phones may halt, reverse Alzheimer's: study
Yen drops on Japanese finance minister comments
Tribesmen kill 139 in south Sudan raid: official |
Tribesmen kill 139 in south Sudan raid: official
Iraq, Iran to meet next week on borders: Mottaki
Microsoft unveils launch date for 'Natal' Xbox 360
Bombings target Iraqi army commander, kill 7
Pakistan's displacement crisis far from over: U.N. |
Blair allies call for ballot on Brown
Afghan parliamentary elections will go ahead: official
Anti-Brown putsch fizzles, but UK's Labor damaged |
TV makers bet big on 3D but payoff uncertain
Yanukovich vows to keep Ukraine out of NATO |
Iraq, Iran start talks on disputed border area |
Iran to try five people over recent unrest |
Suicide blast kills nine Afghans including commander |
Stricken Eurostar train towed out of Channel Tunnel |
Mobile phones may halt, reverse Alzheimer's: study
Microsoft unveils launch date for 'Natal' Xbox 360
Obama to give latest on attempted bombing
Frigid weather hits Midwest, -52 wind chill in ND
In the war of dogs vs. cats, clear winner: dogs
The nation's weather
Feds: Man bombed Ark. med board chair in revenge
SKorea reports outbreak of foot and mouth disease
NM family sues funeral homes over brain in bag
Philippine senator charged with double murder
Google Posturing To Enter The Energy Business
2010 promises more titles for core gamers |
Analysis: Dodd retirement may help banking bill
Update: St. Louis Police Hunt Workplace Gunman
Philippines: Third of towns could see poll clashes
US readies new Mideast peace push
Despite Loss Against Bloomberg, Thompson Announces 2013 Mayoral Bid
Google sweetens bid for On2, shares up |
Baltimore mayor resigns under plea deal
Breaking: Police Seeking Gunman At Scene Of Workplace Shooting In Northern St Louis
GameStop cuts profit view |
Pentagon okays Taiwan missile deal
Accused Holocaust museum shooter dies in prison
New Japanese finance minister calls for weaker yen
Balloon Boy's Father Maintains 'Not A Hoax'
Blast wounds governor of eastern Afghan province
Florida Man Beating His Wife As She Drove On Turnpike Causes Rollover
Sri Lanka's former army chief unveils platform
Judge Rules Against Televising Proposition 8 Trial; Allows Delayed YouTube Broadcast
Roman Polanski Requesting Sentence In Absentia
Mississippi Animal Control Officer Accused Of Mistreating and Killing Animals
Airport Body Scanners Safe, Radiologists Say
China executes 7 gang leaders, report says
Tibetan filmmaker sentenced to 6 years in prison
Taiwanese colleges to admit Chinese students
The Hollywood A-list behind militant anti-whaling group
China orders factories shut down to save power
Pakistan's forex reserves rise to $15.03 bln
Pakistani rupee falls to new low; o/n rates flat
VW 2009 Chinese sales hit record 1.4 mln cars
Pakistani rupee falls to new record low; o/n rates flat
Taiwan exports surge 47 percent in December
Japan's new finance chief formally installed
US clears arms sale to Taiwan despite China's ire
Asia markets subdued, Japan FM vows revival
Japan conductor Seiji Ozawa diagnosed with cancer
Talk-show host in prank-call scandal to quit BBC
World's cheapest car to cost a fortune
Chinese director accepts decision to pull film
The Hollywood A-list behind militant anti-whaling group
Child soldiers leave Maoist camps in Nepal
Smithsonian attendence pushes to 30 million visitors in 2009
US-ENTERTAINMENT Summary
High prices wipe shine off old Dhaka's gold bazaar
Some films are still waiting for an awards bounce
Jerry Seinfeld Seeking Married Couples To Appear On New Reality Show
Balloon Boy's Father Maintains 'Not A Hoax'
New Brunswick Residents Feast On Washed-Up Lobsters While Bureaucrats Fume
Mississippi Animal Control Officer Accused Of Mistreating and Killing Animals
Spanish Grocery Stores Get Added Extra In Banana Shipments
Facebook Blocks Sites That Help Online Users Delete Their Social Network Profiles
U.S. Marine Says 'Aussie Women Sending Mixed Messages'
China's Annual Ice Festival Chilling, Beautiful
Slovakian Airport Security Fails As Man Unwittingly Takes Live "Test" Explosives On Airplane To Ireland
Freezing Temperatures Prompt Butterfly World In FL To Migrate Some Of Its Inhabitants
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01