Fear of coronavirus to impact gold sales during Gudi Padwa and Ugadi

Gold sales during Gudi Padwa and Ugadi to remain muted this year as people are scared to get out of home in fear of coronavirus, say jewellers. Ugadi, one of the biggest festivals in South India, which falls on March 25 this year is celebrated across the Deccan, with Karnataka, Telangana and Andhra Pradesh leading the celebrations. Known as Gudi Padwa in Maharashtra, this day is viewed as the beginning of the Hindu calendar, signifying the start of a new year where people invest in valuables like gold or property, as it is viewed as an auspicious day to embark on a new journey.

Mr Pankaj Khanna, Founder & MD, Gem Selections said “There is a massive slowdown in the entire market due to coronavirus and it has affected our sales too. As people are scared to come out to the retail shops to buy gold, we don’t have much expectations from offline sales. All offline sale (including flagship store & 300+ dealers) is expected to be down by 80%. We are trying to reach to our customers online during the important festival of Ugadi/Gudi Padwa to ensure they could indulge in the celebration of the festival in some way during these unfortunate times. We are trying to manage the business online and are expecting our online sales to increase by 30%.”

Added Ishu Datwani, founder, ANMOL Jewellers “There is a lot of uncertainty right now due to the coronavirus pandemic. It is difficult to predict how the situation is going to be around Gudi Padwa and how business would shape up going forward.”

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