Jewellers in Vizag struggle during the pandemic due to low gold sales

Gold, the most multi-functional metal ever. Even when it’s not in a treasure chest, gold is still something extremely valuable and costly. And the people of Vizag don’t just use gold for one purpose. To wear as jewellery, to bring good luck into a household, as offerings to Gods on festivals and also as the symbol of a couple’s marriage. That is why gold sales are usually high in the city of destiny, Vizag.

Gold sales in Vizag are always on a high, especially during festivals. But when Covid-19 struck the city, jewellers in the city had to shut stop and be at homes for a long while. Gold sales plummeted during this period and as a result, jewellers haven’t seen any good business. Even now, the rate of gold has been going high and low during the second wave of the pandemic.

Today, the rate of 1 gram of 24 karats gold has been around Rs. 4,880 and the rate of 1 gram of 22 karats gold has been approximately Rs. 4,410.

Speaking to Yo! Vizag, jewellers in Vizag talk about the trend of gold sales in the city and share the struggles they faced during the pandemic.

“Trends in gold rate this year have been fluctuating on and off. However, there has been no good business seen since the start of the pandemic. Even now, the gold business is yet to take a good move. Once the situation comes to normalcy, they start showing interest in buying gold.”
– said the owner of a gold shop near the RTC Complex.

“Since the last two months, we haven’t opened the shop and there was no such business during this pandemic. Started sales slowly, we are expecting to get good sales by the next week.”
– Jitosh, Showroom Manager of Jos Allukas.

“Even though there was a wedding season during the pandemic, we haven’t got any business or reached our targets. Let there be an increase or decrease in the gold price, not many customers are willing to come and buy gold, with the kind of financial situations they are under. As the cases dropped down and the city sees normalcy, we expect to come back to routine gold sales in another few weeks.”
– employee of a Jeweller shop near Siripuram.