Gold sale picks up after lockdown
After facing a 100-day business shutdown during the lockdown period, the gold trade has regained its momentum. City jewelers are happy as buyers flock to showrooms as they see the yellow metal as a safe haven to park their funds.
“We have achieved 15-25% growth over last year,” said the CEO of a leading brand in Chennai. Confidence has been restored and the preference of the yellow metal over real estate or deposits is clearly visible. “Gold is very liquid, safe and generates good returns. In addition, buyers have the opportunity to experience the joy of wearing jewelry unlike other investment instruments, which usually involve risk, ”said the CEO, noting that gold trading cannot – not to have experienced phenomenal growth but the willingness of people to keep buying the yellow metal has added the necessary sparkle.
Incidentally, gold trading employees have received annual raises, bonuses and Deepavali incentives, indicating that the shine is back in full swing. With travel and job losses not as much now as during the foreclosure phase, the availability of silver has made it possible for people to view gold as a favorable choice as it also instills the habit of saving. This is reflected in younger customers, who generally prefer light jewelry, who have started buying gold which is noteworthy, the person added.
According to Jayantilal Challani, president of the Madras Jewelers and Diamond Dealers Association, after the lockdown, the past nine months have seen activity climb to one year. Beyond savings, the customer mentality is now to “live life happily and make the most of it by having a luxurious lifestyle”. As the back-to-back lockdown forced businesses to close their shutters in the capital Chennai, stores selling gold, silver and diamond jewelry not only withstood the onslaught of the pandemic, but several jewelry stores. have multiplied in 2021, an official source from Chennai Corporation confirmed. .
Sources from Chennai Corporation also confirmed that jewelers pay their property taxes on time.
The decline in the real estate boom along ECR and OMR has also prompted clients to rely on gold as a long-term investment, a source from Tanishq jewelry store explained. Although weddings have restrictions on gatherings, it never had an impact on the purchase of jewelry, explained K Shankar, a silversmith who serves stores at Parrys and T Nagar.