Business Of Gold And Gold Jewelery Was Almost Negligible

Business of gold and gold jewelery was almost negligible on Akshaya Tritiya. Discounts on gold-jewelery business also did not sell 10 thousand crores gold for this reason.

On the occasion of Akshaya Tritiya on Friday for the second consecutive year, the business of gold and gold jewelery was almost negligible.

According to an estimate, gold and jewelery worth about 10 thousand crores could not be traded today due to the lockdown across the country.

This has been claimed in a press release issued by the Confederation of All India Traders (CAIT). This release states that due to the lockdown last year, jewelery traders were unable to do any special business on Akshaya Tritiya.

CAT National President BC Bhartia and National General Secretary Praveen Khandelwal said that there is a lockdown in most of the states of the country.

He said that in the states where the markets were open, the customers did not come due to the fear of Corona.

Due to this, the traders of gold silver, and jewelery across the country were very disappointed. There are about four lakh traders of gold and jewelery across the country.

Pankaj Arora, the national convenor of All India Jewelers and Goldsmith Federation, the country’s top jewelery trade organization, said that due to the lockdown in most parts of the country.

Shops and markets of gold and jewelery traders were completely closed, due to which gold across the country today And jewelery could not be traded for about 10 thousand crores rupees.

Arora has said that Akshaya Tritiya is considered to be the second-highest gold buying festival in the country after Dhanteras.

But due to Corona, the purchase of gold on Akshaya Tritiya for the second year in a row was almost non-existent.

Arora said that in 2019, the trade of gold and jewelery in the country on Akshaya Tritiya alone was about 10 thousand crore rupees and at that time the price of gold was about 35 thousand rupees per 10 grams.

However, due to the lockdown on Akshaya Tritiya in 2020, the gold trade in the country was only about Rs 980 crore when the price of gold was around 52 thousand rupees per 10 grams.

Today, when the price of gold in the country is about 49 thousand rupees per 10 grams, then about 20 tons of gold could not be traded today.

Traders worry about when the conditions arising from the corona will return to normal and when the trade will open.