Gold loses lustre on Dussehra, Covid-19, high rates crash sales by 35% in Maharashtra

Jewellers said the raging Covid-19 pandemic, hefty hike in gold and silver prices along with lack of enthusiasm among the buyers were the main reason for the fall in sales.

A woman checks out a gold necklace at a jewellery store in Mumbai on Dussehra on Sunday.(Satish Bate/HT Photo) Dussehra turned out to be a lacklustre one for jewellers on Sunday as sales of gold, silver and diamond jewellery fell by a staggering 35% in Maharashtra compared to last year.

The raging Covid-19 pandemic, hefty hike in gold and silver rates along with lack of enthusiasm among the buyers were the main reason for the fall in sales, jewellers said.

According to Mumbai Jewellers Association (MJA), the apex body of the jewellers, the sales on Dussehra clocked Rs 325 crore. “We normally generate a sale of Rs 500 crore during Dussehra. However this year, we saw a massive decrease in sales,” […]

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