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Gold business weighed down in India- 21st August 2020
Jewellers in India’s profitable gold market have been badly affected by Coronavirus. Gold prices have risen sharply while customers are cautious about new purchases.
India came out of lockdown some time ago. However, low customer numbers have kept many shops closed.
The country's largest gold market, the Zaveri Bazaar in Mumbai, has been severely hit. Many skilled gold workers who travelled home for lockdown have still not returned from their villages.
Large increases in gold prices also mean young people are reconsidering wedding traditions. Many have stopped buying jewellery for the event.
Gold, in jewellery or bars, is instead being used to take out loans.
Mr Somasundaram is in charge of the World Gold Council’s Indian operations.
Somasundaram: "The growth will come back and once the growth comes back you will see that demand for gold also rises. It's also culturally something which we can't disassociate from the Indian traditions."
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