Business plummets by 90% at Zaveri Bazaar

Zaveri Bazaar has witnessed a severe hit on business following the blasts. The average daily business, which is Rs270 crore in the current season otherwise, has seen an 80-90% plunge in business.

Zaveri Bazaar has witnessed a severe hit on business following the blasts. The average daily business, which is Rs270 crore in the current season otherwise, has seen an 80-90% plunge in business.

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“Buyers are scared to come to the area following the blast,” said Kumar Jain, vice president, Mumbai Jewellers’ Association, adding that the area is witnessing extremely slow business since Monday.

Zaveri Bazaar has around 50,000 units including gold and jewellery wholesalers, retailers, manufacturers, and pearl and colour stone dealers.

“After the blast, the market was shut till Sunday. After it reopened on Monday, wholesale and retail gold and jewellery traders are finding very few customers,” Jain said.

The fact that Zaveri Bazaar has been struck thrice by terrorists has made customers more panicky, he added.

Nemichand Sanghvi, who runs Raksha Bullion and is also one of the directors of Bombay Bullion Association, said: “Outstation customers are avoiding the market.”

Meanwhile, various associations in Zaveri Bazaar are planning to put barricades on all the lanes in the area and install metal detectors there. The area has more than 20 lanes. Jain said the associations will also request the government to keep proper security in the area. “If the government still fails, we will hire our own security guards,” said Jain. He added that the entire area presently has 38 close circuit television (CCTV) cameras, which will now be doubled.

Various Zaveri Bazaar associations held meetings with traffic and civic authorities to discuss illegal parking and hawkers’ issues.