Return of the gold rush in some jewelry stores, people buying with caution | Nagpur News
Nagpur: Even though the stand-alone jewelery shops reopened after two months, it was quite evident that the gold had not lost its luster due to Covid-19 fears.
In Nagpur, only four stores opened as business started in rural areas 2-3 days ago. In some outback pockets, jewelers who also do money lending had reopened a week ago.
Rakesh Rokde of M/s Rokde Jewelers said footsteps were as high as before the lockdown, even on the first day. The Rokde outlet opened on Monday.
“To my surprise, it felt like any other normal day. Many people come and buy jewelry. There was, however, not much point in buying raw gold as an investment. We are following all distancing standards,” Rokde said.
Gold prices touched Rs47,500 per tola, an increase of Rs1,500 for a month. Silver prices also rose by 6,000 rupees per kg, currently reaching 49,500 rupees, traders said.
Pradeep Kothari of M/s Kothari Jewelers said, “It was just day one and most of the time it was preparation. Those who showed up had placed their orders before confinement.
Vilas Kale from the Tanishq showroom said that to avoid crowding, customers are only allowed by appointment. “Up to 90% of customers who came had placed their orders earlier,” he said. Tanishq had opened two days ago.
The jewelers started their shops based on an NMC order dated May 22. “It took two days to prepare for distancing standards,” Rokde said.
In rural areas, shops are only allowed to operate four days a week. Farmers were expected to come in large numbers to pledge gold instead of buying due to the cash crunch caused by the lockdown. Sanjeev Kumar Daga, who has an outlet in Achalpur town of Amravati, said it was just the first day and things could be clear in the coming weeks.
Girish Rathi of Rajlaxmi Jewelers in Deoli said: “Business was down although a number of borrowers came to release gold which had been pledged earlier. Nor was there any buying or borrowing against gold. Local businesses opened a week ago.
Vatsal Bangre, who has a store in Saoner, said the response was less than expected, but there was interest from buyers.