Growing levels of debt and the higher price of gold mean more people are pawning their jewellery in return for loans.

The number of pawn shops has increased to around 800, compared with 50-100 in the 1970s and early 1980s, and they are now dealing with more affluent customers, Reuters reported.

Although the sector is regulated, there is little paperwork and no credit checks for customers because the goods are used as security on the loan.