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Jewellers take their baubles online in a bid to survive these trying times

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Pune: As weddings are trimmed down, office-working has almost gone bust, and gold prices are heading north again, jewellers, both established and new entrants, said they have pulled out all stops to ensure the industry’s survival through the resurgence of Covid-19.

Across India, most jewellers have shut shop after a slight bounce back in sales through the last quarter of 2020 and the first quarter of 2021, fueled by weddings and the festive season, as new restrictions have kicked in.

While most jewellers, particularly flagship high-street gold and diamond store owners, have stepped into online sales, restrictions on e-commerce in key markets, such as Maharashtra, have put online expansion plans on hold. Besides, jewellers say, buying jewellery pieces is a matter of touch and experience.

“Jewellery isn’t generally sold online. Purchases on our online platform are usually small ticket in nature. People prefer to come to our stores, experience and look at the jewellery in real life,” said Amit Modak, CEO of PN Gadgil and Sons.

Modak added that they are also offering hedges to customers at current gold rates, as uncertainty in the economy is driving up prices of gold in the market. PN Gadgil, as well as some other jewellers, are charging an advance from customers to ensure that as the economy and jewellery outlets reopen, they can purchase at older, lower prices later.

 

Courtesy: Economic Times

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