Buriram Parents Flock to Pawn Shops for School Opening, Pawning Gold and Silk
Buriram parents are pawning gold jewelry and silk at the municipal pawn shop to afford school uniforms and tuition as the academic year begins, with the institution serving 400-500 customers daily under reduced interest rates through June.
On May 18, 2025, reporters observed intense activity at the Buriram Municipality Financial Institution as parents and guardians brought valuable items, particularly gold jewelry and silk, to pawn in order to raise money for school uniforms, educational supplies, and tuition fees as students prepare for the new academic year, which began today for many schools. Gold jewelry remains the most commonly pawned item due to current high gold prices, with the institution currently accepting pawns at 54,000 baht per baht of gold weight, adjusting daily according to market conditions. The municipality expects this activity to continue through the end of May.
The Buriram Municipality Financial Institution has implemented special reduced interest rates from May 1 to June 30, 2025, to ease the financial burden on families. For principal amounts not exceeding 5,000 baht, the rate is 0.25 percent per month for the first three months, then 0.50 percent per month thereafter. For amounts between 5,000 and 10,000 baht, the rate is 0.75 percent for the first three months, then 1 percent per month. For amounts of 10,000 baht and above, the rate is 1 percent per month.
Ms. Piyada Wonglakorn, manager of the Buriram Municipality Financial Institution, reported that the institution is currently serving 400-500 customers daily, with over 90 percent pawning gold jewelry to secure funds for school fees and supplies. She noted that in addition to gold, there has been an increase in customers pawning silk. The institution has prepared 500 million baht in reserves to handle the increased demand and continues offering reduced interest rates to support families during the school opening period.
