Covid-19: Bullion traders to resort to online channels for jewellery sales

Hit hard by the COVID-19 pandemic, bullion traders here have decided to sell their jewellery products through websites and apps also.

The sale of these jewellery items has seen a slump of 80 per cent during the coronavirus crisis, the bullion traders claimed.

Due to COVID-19, the bullion business is down by almost 80 per cent in July as compared to March and due to paucity of funds, consumers have also cancelled orders for marriages, Madhya Pradesh Sarafa Associations Secretary Santosh Saraf told PTI.

Besides, the bookies also added fuel to the fire by increasing the prices of gold and silver in an artificial manner, which resulted in the high rates of these precious metals and in the process, they became more unaffordable for the common people.

He said that out of the total 25,000 members, the association will soon launch jewellery made by nearly 7,000 members on digital platforms on an app and a website.

Currently, gold prices are hovering around 55,110 per 10 gram.

Similarly, the silver rates stood at Rs 62,600 on Friday.