CHENNAI: Jewellers across the city are happy as they are receiving good footfalls at their stores that opened on Monday after almost two months of lockdown. However, the industry players are worried at the same time about their uncertain future.
After relaxations in restrictions, jewellery stores have opened in Chennai and they are reporting good business. Jewellers said that drop in gold prices and pent-up demand has boosted their sales for now, but they will have to wait and watch on how things turn out in the next few weeks.
“Pent-up demand and marriage shopping is bringing customers to our shops now. We are reporting good sales too. But only after two to three weeks we will get a clear picture about our revival,” said managing director of NAC jewellers, Anantha Padmanabhan. “If people continue buying gold even after the first two-three weeks, then it will be a sign that markets are on revival mode. However, we are worried about outbreak of third wave of the pandemic as it will bring another phase of lockdown.”
Jewellers said due to the uncertainty they are not even able to invest in bringing out fresh stocks of jewellery. “Lockdown has been very difficult for us. Despite closure of the stores, we have to spend money on maintenance of the showrooms, paying salaries to our employees and artisans. We have to pay interest to the banks also. Amid all this, if we bring in new stock to meet customer demand and another lockdown happens, then we will be ruined,” said Shyam Agarwal, a jeweller.
The jeweller community believes the wedding season and Deepavali sales will help them to get their business back on track. “If enough measures are taken to check third wave, then we can think of some improvement,” said S Senthil, a jewellery store owner in Velachery.