Yellow metal shines, Nashik does Rs 50 crore business

NASHIK: Two months into the lockdown, jewellers in Nashik and Kolhapur did good business on the auspicious occasion of Gurupushyamurt on Thursday though the sales in Pune were sluggish.


Nashik Jewellers’ Association said business worth Rs 50 crore was transacted in the city’s gold market on Thursday, which is equal to the business they usually do on days like Akshay Tritiya, Dasara or Gudi Padwa.

“We had lost business on two auspicious occasions — Gudi Padwa and Akshay Tritiya — during the lockdown. Hence, customers were looking forward to the Gurupushyamrut,” said Chetan Rajapurkar, president, Nashik Jewellers’ Association.

Jewellers said while all business sectors in the country have been affected, only gold had given around 15% returns during the lockdown. Gold prices have increased from Rs46,800 (excluding GST) before the lockdown to Rs 47,200 per 10 grams so far, said Rajapurkar.

In Kolhapur, people made the most of Gurupushyamrut as shops have permission to remain open till 5pm. Sayyam Rathod, a gold shop owner in the Gujari area of the city, said “Customers were given sanitizers, asked to use face masks and maintain social distancing,” he said.

Sales were sluggish in Pune on Thursday. Ranka Jewellers managing director Fatehchand Ranka said, “The demand for gold is gradually rising and the market will fully revive only after the lockdown is lifted,” he said.

(With inputs from Rujuta Parekh in Pune and Rahul Gayakwad in Kolhapur)