Amit Chopra, owner of Leader Jewellers, feels that the current situation due to the corona outbreak in different parts of the world is certainly affecting the jewellery business in a big way, but he is hopeful of some normalcy in the coming months.
On a daily basis, 60-70 per cent customers are visiting our store. But normalcy will return once customers, especially women, visit the market without fear. These days, most of our customers are those who could not purchase ornaments during marriages in the lockdown months. The usual customers are
still missing. — Amit Chopra, owner of Leader Jewellers
Weddings, one of the biggest drivers of gold purchases, usually happen in summer, but this year most functions have been postponed due to the lockdown.
Some local jewellers, however, also admitted that they are prepared to witness the worst sales this year. As per the market trends, the jewellery business has plunged to its lowest.
Chopra said,” On a daily basis, 60-70 per cent customers are visiting our store. Both buying and selling of gold is taking place, but the normalcy in the market will be back once customers, especially women, visit the market without much fear. These days our most customers are those who couldn’t purchase ornaments during marriages in the lockdown months. The usual customers are still missing.”
The leading dealers rued that there is no immediate relief for the industry. Even if the shops have been allowed to reopen, buying gold jewellery won’t be a priority for people. It will be difficult to bring back customers to showrooms.
The owner of Shree Ganpati Jewellers, near Company Bagh Chowk, said, “Most customers are visiting to take an opinion of the market and enquiring about the prices. On a daily basis, seven-eight customers visit the shop and hardly anyone makes the deal. Earlier, nearly 10-15 customers would come just for the purchase. The jewellers are also concerned over the rising prices of gold in the market. The price per 10 gm has crossed the 45,000-mark, which was around Rs 34,000-Rs 38,000 when the lockdown was announced.”
Meanwhile, customers are of the opinion that no major purchase should be done amid the hiked prices. “My daughter’s wedding was on April 26, but we used our traditional jewellery purchased years ago. The complete shopping is still pending. As the gold price has witnessed a sharp increase, I am buying only required ornaments for gift,” said Ratan Singh, a customer.