Gold has traditionally been an integral part of the Indian households and it is not just due to the traditional practices but also as a means of financial security during hard times. Since the implementation of lockdown, several households are going through financial crisis with cash-flow issues affecting people involved in business, industry and even regular employment. Therefore, the people will most probably increase their investment in gold as a source of finance in the future considering the financial problems many have experienced during the lockdown enforced to control the spread of COVID-19, said the owner of Kamal Jewellers, Agrim Rastogi.
Talking to The Pioneer, he said that the price of gold is still increasing during the lockdown. Therefore it is possible that the current circumstances have reinforced the belief of people in buying gold as an investment for use in the future. Possibly, several people will invest in gold items more to support them during any financial emergencies in the future, said Rastogi.
Talking about the business of gold jewellery during the current lockdown, Rastogi said so far only those who have weddings in the next few weeks are coming to visit their stores in Paltan Bazaar, Rajpur Road and Vikasnagar. He said that earlier people used to visit the jewellery stores often while shopping in the market. However, since the clothing stores and other such non-essential items shops are opening on alternate days, visiting the jewellers has become a sort of a chore for customers. “We are observing necessary precautions like social distancing, sanitisation and masks among others measures to ensure that all important regulations are followed,” added Rastogi.
Meanwhile, Dehradun president of Uttarakhand Swarnkar Sanyukt, Pankaj Masson opined that people here prefer to buy gold by physically touching and feeling it while building trust with the jeweler.
Therefore online business of jewellery is not feasible here, not at least for the next two years.