Bihar jewellers federation pegs loss of over ₹150 cr due to Covid-19 this wedding season

As the second wave of the Covid-19 pandemic brought the entire state of Bihar under total lockdown, jewellers and goldsmiths are ruing the huge loss in business due to the closure of Jewellery outlets and shops all over, HT has learnt

As the second wave of the Covid-19 pandemic brought the entire state of Bihar under total lockdown, jewellers and goldsmiths are ruing the huge loss in business due to the closure of Jewellery outlets and shops all over, HT has learnt.

Gold monetisation scheme will allow individuals to park a minimum of 30 grams of gold with banks and earn tax-free interests. (Reuters File Photo)

The All India Jewellers and Goldsmiths Federation, Bihar, has claimed a loss of not less than 150 crores in the jewellery business in the state this season of weddings and Akshay Tritiya.

“The festival of Akshay Tritiya has turned out to be big business time for the jewellers for the last few years. It’s almost like the Dhanteras and Diwali when people prefer to purchase gold. Importantly on Dhanteras, people also prefer to buy vehicles, but on Akshay Tritiya, it’s only the gold which is under focus,” Ashok Kumar Verma, president of the All India Jewellers and Goldsmiths Federation, Bihar, said.

The state capital alone gives jewellers the business of over 50 crores on this occasion while the other small cities also do good business, he added.

“This time the jewellery shops will remain closed like other shops even on Akshay Tritiya as the total lockdown will last on May 15,” he said.

While the bookings of jewellery for the weddings are being cancelled on a large scale, as many families have postponed the date of marriage functions, even Akshay Tritiya, a festival considered traditionally the most auspicious occasion for the purchase of gold, has failed to bring life to the jeweller business. This year the festival falls on May 14 while the total lockdown in the state will conclude on May 15.

Amrit Prakash, a jeweller from Bakarganj area in Patna, said the Covid-19 pandemic has badly affected the Akshay Tritiya sale. “All jewellery outlets have to keep the shutters down till May 15. Even online bookings are not coming because the delivery of the product is not possible on the occasion,” he said.