Rajamahendravaram: Lockdown dashes gold traders' hopes

Rajamahendravaram: The one month lockdown has shattered the dreams of gold traders relating to auspicious 'Akshya Tritiya' which falls on Sunday i.,e April 26. Akshya Tritiya is considered auspicious both by gold merchants as well as women.

Many women purchase gold as per their capacity on that day with a belief that Goddess Lakshmi Devi resides in their house if they purchase even small piece of gold on Akshya Tritiya day.

The gold traders wait for the day, as the gold sales increase 100 times when compared to sales on regular days. The gold traders mainly keep ready Lakshmi Devi dollars as many purchase them and some may purchase raw gold.

But, this year the lockdown dashed all hopes of gold merchants as there is no scope for gold business on Akshya Tritiya day. The gold sales in East Godavari district on Akshaya Tritiya will be between Rs 20 crore and Rs 30 crore, as against the daily sales of Rs 15 crore to Rs 20 crore.

Moreover, some branded gold shops such as Joyalukkas and Vaibhav, etc. are trying to do gold business through online for Akshya Tritiya and deliver the gold ornaments after lockdown. However, it remains to be seen the extent of success they can achieve through online business. Moreover, as many as 10,000 gold and silver workers in the district including 7,000 gold and silver workers in the city lost their livelihood for the last one month.

Speaking to The Hans India, District Gold Merchants Association vice-president Kadiyala Srinivas has said that there are nearly 1,000 gold shops in the district of them 300 shops in the city. The gold traders incurred a huge loss due to the lockdown and there is no hope for any business on Akshya Tritiya day. The proposed online business of some gold shops relating to Akshya Tritiya may not be fruitful as there is no possibility to deliver gold ornaments, he averred.