Epidemic caused disturbance in the jewelery market of Madhya Pradesh by 500 million rupees in Abuj Muhurta
Lokesh Solanki, Indore. The disruption of the corona epidemic in Akshaya III, which is called Abuja Muhurta, is overshadowing the bullion business. The bullion business of Madhya Pradesh has been estimated to suffer a loss of about Rs 500 crore. The business of bullion also came to a halt due to the marriage processions being halted due to the Corona infection extending from cities to villages. Akshaya Tritiya and surrounding days are considered to be the biggest trading season of the year in terms of sale of gold and silver jewelery. For Madhya Pradesh’s total bullion business and small-medium jewelers, there is a bigger business opportunity than Diwali.
The Madhya Pradesh Gold-Silver and Gems Merchants Association released the data, saying that only the business of rural and small cities of the state has incurred a loss of at least Rs 300 crore. The figure is reaching about 500 crores by connecting the trade of big cities. According to the association’s secretary Santosh Saraf, Akshaya Tritiya is the biggest selling opportunity for unorganized jewelers i.e. traditional markets and bullion traders. The most marriages take place in this Muhurta from village to cities. Farmers also have money for the wheat crop. In such a situation, the purchase of jewelery is also done fiercely. Jewelry is also sold on Diwali, but still the Diwali season is considered only after Diwali in terms of sales.
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Small jewelry-coins are purchased at the Muhurta on Diwali. At that time, the business of corporate jewelers is more. According to Avinash Shastri, minister of the Indore Gold-Silver Merchants Association, in the months of April and May, in terms of the sale of jewelery in the whole year, there is a continuous trade and the highest sales. These two months are the most important for every jeweler. Sales of both months ended due to Corona. Due to postponement, people canceled the orders already placed.
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Smelting of old jewels
From June 1, the government is mandating hallmarking in the country. According to Santosh Saraf, secretary of Madhya Pradesh Sarafa Association, from June 1, only 14,18 and 22 carat jewelry will be sold. Due to the lockdown and postponement of weddings, a ready stock of various types of jewelery made in 20 carat and 23 carat as well as other carats has been sold off. Jewelers will now have to thaw all such jewelery under compulsion to avoid getting caught in the screw of the law.