This time the effect of Corona Curfew is clearly visible on the ever-brightening bullion market. The brightness of the bullion market was missing even in the Sahalag and festive seasons. Even the custom of buying gold on festivals like Akshaya Tritiya could not bring back the brightness of the market. About Rs 450 to 500 crore business has been affected. Small and big businessmen of the city are sitting in their homes with their hands on hand and are waiting for the showroom to open.
There was a turnover of 100 crores on Akshaya Tritiya , this time zero: Usually there is a trend to buy gold on Akshaya Tritiya festival. The business used to be around 100 crores on the festival, but this time the situation was very bad during the transition period. The market was pale. Traders crave for online business. Moreover, the havoc of the lockdown in Sahalag is still raging on the bullion market.
Artisans and small business in crisis:
The work of the middle and small class bullion traders has ended in this period. Everyone is sitting at home. The condition of the artisans who earn daily wages is bad. They don’t have work.
business data
- 10 to 15 crore daily business
- 500 crore business affected by corona
- 2,500 to 3,000 small shops and showrooms
- 100 crore business did not happen this time on Akshaya Tritiya festival
This time the business has taken a big hit. That is why the pain of the traders has been shared with the government. The organization has demanded to extend the rules of mandatory hallmarking for one year. Suggestions have been sent to the government on ten points. The government will have to think on this side to give relief to the traders.
Anurag Rastogi, State President, India Bullion and Jewelers Association
Organizing Minister of Lucknow Bullion Association, Adish Jain told that the corona infection has swallowed the bullion market. Showrooms are closed due to Corona Curfew during Sahalag and festival season. Shopkeepers are sitting in the house. Whether or not any thing is sold in Sahalag, but people definitely buy jewelery according to their pocket. This time everything is zero.
Rajan Rastogi, vice-president of Jugal Kishore Jewelers Lucknow Bullion Association, said that the corona infection has not given the bullion market a chance to recover. The market has been hit by several crores. Locks are hanging in the showrooms. 50 days have passed, even on the occasion of Sahalag and Akshaya Tritiya, the brightness of the gold market has not returned.
Pradeep Aggarwal, Senior General Secretary of Lucknow Bullion Association said that about 50 days have been completed for the closure of the bullion market. The condition of medium and small bullion traders is bad. If the shops do not open soon, then employment will be lost from the hands of small people. People will run to other districts for shopping.
Aminabad Sarraf Samit Rastogi said that the entire business has come to a standstill due to the curfew imposed during the Corona transition period. Online business was done last time on Akshaya Tritiya, but this time that too did not happen. The market is completely closed. If the market does not open soon, then the remaining help of a few days will also pass. There has been a big loss to the daily business of bullion.
Vinod Maheshwari of General Secretary Chowk Bullion Association said that the bullion business is over. Corona has given a big loss to the bullion market. It will take time for him to recover. Traders are waiting for the market to open. If the market opens on time, then now the remaining season will be in hand.
