Jewellers Give ‘Wa­ter’ Lessons to Ru­ral Clients as Busi­ness Falls

HEAT STROKE Shops plan to ex­tend biz hours to 10 pm to help buy­ers

The Economic Times - - Commodities Plus - Su­tanuka.Ghosal @times­group.com

Kolkata: With Ma­ha­rash­tra reel­ing un­der drought and with very lit­tle de­mand for gold from ru­ral In­dia, jewellers are a wor­ried lot.

They fear that the cur­rent mar­ket sit­u­a­tion will af­fect gold and sil­ver off­take dur­ing Ak­shaya Tri­tiya, mostly in ru­ral In­dia, which is a ma­jor consumer of both me­tals. In­dia con­sumes 950-1000 tonnes of gold an­nu­ally, and ru­ral In­dia ac­counts for 60% of this.

“Ex­treme heat wave has re­sulted in less foot­falls in stores. In fact, from 12-4 in the af­ter­noon, there’s hardly any ac­tiv­ity at stores. We plan to ex­tend busi­ness hours to 10 pm, de­pend­ing on the store lo­ca­tion. It is a tough time for the in­dus­try,” Sreed­har GV, chair­man, All In­dia Gem & Jewellery Trade Fed­er­a­tion, told ET. Some jewellers from Ma­ha­rash­tra, are try­ing to con­nect with cus­tomers by do­ing some so­cial ac­tiv­i­ties. Sau­rabh Gadgil, MD of Punebased PN Gadgil Jewellers, said they are giv­ing lessons on wa­ter con­ser­va­tion to peo­ple who re­side close to their stores. Samir Sa­gar, di­rec­tor of Mum­bai’s Manub­hai Jewellers, said they have wa­ter kiosks in front of their stores to pro­vide drink­ing wa­ter. “There’s liq­uid­ity cri­sis and the drought has damp­ened the mood fur­ther. We feel that light weight jewellery will move this Ak­shaya Tri­tiya, which falls on May 9,” said Gadgil, who is the vice-pres­i­dent of In­dia Bul­lion & Jewellers As­so­ci­a­tion.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.