Low demand, high price hit jewellery stores hard in Ahmedabad

AHMEDABAD: Kamlesh Soni (name changed), director of an Ahmedabad-based jewellery store, opens his store on alternate days of the week, ever since the relaxation of lockdown was announced on May 18.
However, till date, his store has barely seen customers. "I open my shop, staff come in and do the daily cleaning and accounting and eventually, sits idle. We've seen barely 1% customers at our showroom who came to purchase something for their newborns; a few others came in to complete previously placed orders.
At present, shops are open for limited hours and due to heat and scare of Covid-19 pandemic coupled with the recession, customer footfall is barely there," he said.
Despite the state's nod to allow economic activity including jewellery stores to remain open since May 19, jewellers across Ahmedabad stare at a bleak future. Amid liquidity crisis and high prices of gold, the demand has taken a major hit and estimates by Jewellers' Association of Ahmedabad (JAA) suggest that at least 15% jewellery retailers may shut business permanently.