Gold business reduced due to Corona and rising gold prices, orders reduced by 50%
The second wave of corona is going on across Gujarat including Surat, due to which the business industry has suffered a lot. The jewelry business has also been badly affected due to Corona. Last year also Corona had knocked in the season of Lagnasara and this year also the situation is the same. Due to which the jewelers are left with only 30% work.
In Surat city 2500 jewelers and manufactures do business of about 1000 crores in Lagansara season. This time night curfew has been imposed due to Corona as well as many other tough decisions have been implemented. Due to which many wedding programs had to be canceled. Due to this the jewelery business has been affected. Locals say that there is a huge expenditure behind jewelry in marriage, but this time people are financially troubled due to Corona. So he has limited his budget. Many people have canceled orders of jewelery by 50%. Due to this 70% of the business has been badly affected.
Jeweler Deepak Choksi told the media that the demand for jewelery has come down by 50% due to cancellation of several marriage events. After Holi, jewelery orders are received for marriage for 2 months, but this time Corona has been eclipsed.
Nainesh Pachchigar of Indian Bullion Jewelers Association said that the price of gold has again increased to 49000, due to which those who were about to buy have stopped. Mumbai’s job work was also available due to low labor charge in Surat, that too has stopped these days. Apart from this, the demand for jewelery has decreased. The big reason for this is that the price given to the farmers by the sugar factory this time. That is also very less, due to being the lowest in 5 years, jewelery orders have been received less. Apart from this, farmers are also worried due to unseasonal rains in many areas.