By Aditya Raghunath
Investing.com — Akshaya Trithiya in 2021 was a bust, much like the one in 2020, as jewellers shuttered outlets on account of the second wave of the pandemic.
A report in The Financial Occasions stated that demand for crashed by 75-80% in 2021 in comparison with 2019. The identical report quoted Surendra Mehta, nationwide secretary of the India Bullion & Jewellers Affiliation who stated, “The present Covid state of affairs isn’t beneficial for buying gold although Indians desire to purchase the yellow steel on Akshaya Tritiya to herald luck and prosperity. A few of them would possibly make some token purchases. Demand is down by greater than 80% this 12 months.”
A PTI report stated that India witnessed solely 10% of gross sales in comparison with pre-COVID instances. Solely 20% of Kalyan Jewellers India Pvt Ltd (NS:)’ shops within the nation are functioning as of now. In Mumbai, gross sales are down as much as 95%.
A Bloomberg report quoted Ashish Pethe, chairman of the All India Gem and Jewelry Home Council who stated, “Sadly about 80% of the nation is in a lockdown and gross sales can be impacted once more this 12 months. The second wave is way more extreme than final 12 months and the temper can be very somber with nearly each household touched by the virus. So nobody is within the temper to purchase gold.”