The second wave of the coronavirus epidemic has also affected the golden cell that occurs in the Axis Tertiary. Due to this outbreak, the gems and jewelery industry suffered a sharp drop in sales during the second consecutive year of Akshaya Tertiary. This year Akshay’s third-party sales were just 10 per cent ahead of Kovid in 2019 and there was a limited influx of customers while on the local lockdown.
Previously, 25-30 tonnes were traded
In the normal year, the industry traded 25-30 tonnes on Axis third day, but this year it is estimated that it will only reach 3-4 tonnes, as offline sales have been adversely affected. Some conglomerates such as Kalyan Jewelers make gold bookings online, which are then delivered to customers. All India Gems and Jewelery Household Council (GJC) President Ashish Pethe told PTI, “The country is experiencing a huge loss in the second wave of epidemics compared to last year, which has led to negative feelings among the overall consumer.
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Lockdowns have been imposed in about 90 percent of states, where retail jewelry stores are closed and no sales are allowed. “Akshaya tertiary turnover will be 3-4 tonnes last year compared to 2-2.5 tonnes last year and 25-30 tonnes in 2019,” Pethe said. Some customers are buying gold online or over the phone and will be supplied when conditions recover, he said.
