Summer effect: jewellers to keep shops open till 10 pm to push sales, says report
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Jewellery market has already taken a huge hit this year due to a strike which lasted nearly 45 days. Jewellers in Mumbai are planning to keep their shops open till 10 pm to push sales, an
Economic Times report has said. The spike in temperature in the city is keeping customers away from the markets, leading to a drop in sales, the report says. Add to that the drought in the
state, which has wiped out most of the demand for gold jewellery from rural areas. Jewellers reopened their shops after a lengthy strike against the proposed excise duty hike on non-silver
jewellery that lasted for about 45 days starting March 2. The strike has already hit jewellery sales, with demand remaining muted even on Gudi Padwa, when gold buying is considered
auspicious in Maharashtra. The report quotes All India Gem & Jewellery Trade Federation chairman Sreedhar GV saying that footfalls stay slim from 12 to 4 pm due to the heat. He said
jewellers are planning to keep their shops open till 10 pm depending on the location of the shop as "it's a tough time for the industry." Jewellers are now banking on Akshaya
Tritiya (May 9), the gold buying festival, to see a spike in demand.