A disappointing akshaya tritiya for jewelers

Known as the auspicious day, Akshaya Tritiya witnessed subdued activity on Friday as the COVID-19 pandemic dampened people’s spirits for the second year in a row.

Gold traders said when Akshaya Tritiya fell into lockdown / curfew for two consecutive years, the gold and jewelry trade suffered a major setback. Consumer demand has decreased compared to previous years. The shops were either closed or only operated for a few hours due to the restrictions in force.

“Sales were weak in 2020 due to the challenging environment. The same thing was repeated this year as there is a nationwide curfew. The physical demand for gold remains subdued, ”said Krishna, a jeweler.

The shops were only allowed to open until 11 a.m. People don’t dare to buy gold at dawn. Although stores were open at 6 or 7 a.m., there weren’t any buyers, said another shopkeeper in Patamata.

According to information, there are about 1,000 gold, silver, and jewelry stores in Vijayawada. There are about 50,000 small jewelry stores across the state with a daily turnover of a few thousand crowns.

Business was boring for small and small traders, while a moderate rush could be observed in some jewelry stores. “It’s very difficult to gauge the impact right now. Stores usually hold stocks in the £ 10 lakh to £ 1 crore range, which continues to rise during the wedding season and on occasions like Akshaya Tritiya when demand rises. But now jewelers are afraid to keep new models and stock in the face of adverse market conditions, ”said one jeweler.

The secretary of the Bezwada Jewelery and Bullion Merchants’ Association, K. Hari Babu, said that the gold and jewelry dealers had already complied with self-restraints before the partial lockdown. “It is the corporate and large jewelry stores that tend to have good sales during Akshaya Tritiya. When the concept was introduced, small traders also experienced a rush. But the trend was gradually declining, ”he added.

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