The streets of Piassa in Arada District, the heart of old Addis Abeba, are known for their jewellery shops. One bedazzled gold shop window follows another down the road from Cinema Empire to the Greek church. There are over 20 of these shops selling precious gemstones, silver and gold, and their customer base comes with just as much variety.

"Some people come looking to buy gold they saw in a movie or a video clip," said one of the shopkeepers who wanted to remain anonymous. "You might not believe it, but wearing gold is like clothing for some groups of people. It is fashion."

The 24-year-old shopkeeper, who has been selling gold in her father's shop for the past seven years, has seen it all.

There are also those that walk in looking for engagement rings for their future fiancè.

"They guess their fiancè's ring size or sometimes use my size as a sample," she said. "But it's rare to find a man who comes to the shop to buy a neckless or bracelets."

The shop she keeps has been open for nearly three decades selling 18, 21, and the rarer 24-karat gold. But there are also those that come to sell their gold—cash-strapped parents in situations so difficult that selling what they have is the only solution to feed their children, according to her. The shop sources its gold from the National Bank of Ethiopia and imports special designs from Dubai.

Lately, the shop has seen an increase in a new type of customer—asset collectors. This odd trend began, interestingly enough, following the recent announcement of the new currency being issued by the government in mid-September.

The new notes aim to minimise the wide circulation of currency outside of banks, an estimated 113 billion Birr, according to a report by the Ethiopian Bankers Association. The demonetisation was intended to curb corruption and contraband and support financial institutions confronting the liquidity crisis.

During the banknote changeover process, which is ongoing, the central bank ordered that old notes redeemed for over 5,000 Br have to be effected through a bank account. Additionally, any kind of transactions over 50,000 Br in value should also be done through banks.

During the first three weeks of the changeover process, close to 600,000 new accounts have been opened and 14 billion Br was mobilised, according to a report from the central bank, which intends to institute the new bills completely over three years.

Still, people have started to look for alternate ways to keep money in their hands rather than taking the money into banks. Subsequently, the gold market is now being used as a way out, according to observers.

"The people who come here to buy gold as an asset buy very expensive white gold and 24-karat yellow gold," said the young shopkeeper. "Sometimes they get 21-karat gold with extra designs on them."

Before the onset of the Novel Coronavirus (COVID-19) pandemic in the country, the store had up to 15 customers that made purchases; this figure has now risen to 25 customers a day.

"We even have requests for gold delivery at customers' offices or houses," said the shopkeeper, who explained that they had made a special trip to Dubai to purchase gold as soon as travel restrictions were lifted.

A link in the gold buying and selling chain in the neighbourhood are brokers who solicit passersby as they make their way down the street. The brokers work on commission from the owners or ask for tips from the customers after they buy or sell.

One broker, born and raised in the same neighbourhood, also confirmed the rise in demand for gold following the currency change.

"We receive calls from different places for delivery nowadays," said the broker who has been working in this business for nearly a decade. "People don't want to move with that much cash."

Thus, the brokers take the risks and deliver to the customer's door. This is not an issue for most of the time since the customers are vouched for by the gold stores, according to him.