Kolkata jewellery stores deal with unsold stock, eye festive season to salvage losses post COVID-19 lockdown
The report also suggested that now the businesses are now eyeing the festive season to salvage the losses that have been incurred during the lockdown period.
Representative image | Photo Credit: ANI
Kolkata: The jewellery shops in the city have now opened up after almost two months of COVID-19 lockdown. While the lifting of shutters has brought a ray of hope for the businesses, the shop owners have also been staring at the losses that they have incurred during the lockdown phase.
90% jewellery shops restore business in Kolkata
According to media reports, about 90% of such shops have now opened in Kolkata. However, the workshops have not yet started production since the stores have been full with unsold stock all these two months that they had procured for the marriage season and Akshay Tritiya.
While speaking to the Times of India, a jewellery shops owner said that sales have been all-time low as the nation is currently battling the pandemic and the people are not thinking about buying gold at all.
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70% business in loss due to COVID-19 lockdown
The report suggests that retailers are usually able to sell about 40 tonnes of gold every month. However, there has been very little scope in the past two months and about 70% business has been lost.
The report also suggested that now the businesses are now eyeing the festive season to salvage the losses that have been incurred during the lockdown period.
Businesses looking out for Dhanteras
Another jewellery store owner also said that the businesses are now hoping that the sales go up during Dhanteras and that the businesses pick up again soon.
It is estimated that directly and indirectly, around 25 lakh people in the state are engaged in this business. However, the lockdown has forced some of the workers to look for alternate career options. It was also said that if the workshops do not start soon, lakhs of workers would be adversely affected.