Selling of gold and silver jewellery down this year
Diwali is now a few days away but this year it’s different amidst Coronavirus pandemic. Guru Pushya Nakshatra is considered to be the best day to buy gold-silver, but this time the fear of Corona and high prices has its effect on selling as people avoid visiting jewellery showrooms to buy gold and silver considered to be auspicious in this time of the year. It is believed that gold worth Rs 15-16 crore and silver worth Rs 2 to 3 crore are likely to be sold this time.
Girishbhai Ganadevikar, owner of well-known Ganadevikar Jewellers in Vadodara, said, the business is down this year due to Corona and the skyrocketing prices of gold and silver. This time the price of gold is Rs 55,000 per ten grams (tola) while the price of silver is Rs 67,000 per kg which is double that of last year.
Asked how much was sold last year, he said the price of gold was Rs 30,000 per ten grams and silver was Rs 55,000 per kg. As a result 20 crores gold and five crore silver was sold during festivities. This year it is likely that Rs 15-16 crore gold and two to three crore silver will be sold.
Jayendrabhai Soni, owner of Radhe Jewelers, said, on the day of Pushya Nakshatra, customers used to line up in the morning to buy gold and silver. But this time, customers did not leave the house due to Corona fears. Another reason is that the higher price of gold and silver also has an effect on the household.
Till afternoon the business was medium and they the expecting the crowd to increase in the evening.