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Vashi2Panvel.com: Navi Mumbai: April 27:With sensex touching 12k today, the mood in the market is jubiliant. But Navi Mumbai jewellers are an unhappy lot. In the past few weeks even as gold price was steadily rising, the number of customers at their stores is lessening. The gold price is currently ranging around 9,300 to 9,500 per 10 gm, whereas the price just six months was Rs.6, 500 – 6,800, marking a rise of 40 percent.

“We have been suffering a loss for the past one month as our gold sales are down by almost 50 percent,” cribs Jitu, the owner of Nutan Jewellers, Vashi. "I don't even see any chances of the gold price stabilising and customers returning in the near future."

Swarn Sagar in Nerul is also facing the same problem. “Due to rise in gold price we are facing business crisis as our shop is mainly into gold retailing. As a result, our sales have tremendously fallen since two months now,” says the shop owner, Amit Patel. But he is optimistic. “Looking at the current situation, prices should be normal by next 2-3 month,” he claims.

The 40 percent hike in gold prices over last one year has been a dreadful time for not only jewellers but also the buyers. Preeti Rawat, a resident of Panvel, says, “It has become very difficult to buy gold due to towering prices. Hopefully the prices will be stabilise soon.”

But it is the smaller jewller who seems to be affected by the gold hike. Waman Hari Pethe, one of the most reputed jewllers in Mumbai with branches in Girgaun, Dadar and Vashi is reportedly not facing any problem at all. . “We are not facing huge loss as such. Volume term our business would be low, but in value terms it’s appropriate,” confesses Aasish Pethe, co-owner of the gold retail outlets in Mumbai.

It isn't just the gold hike that has dampened the spirits of the jeweller. It is also the advent of new players in the market like banks who are also now into selling of gold. For the buyers, banks are emerging as trustworthy sources for buying gold. Banks such as HDFC, ICICI and Indian Overseas Bank are those who are also into gold business. Since these banks assure quality, buyers are turning towards banks to acquire gold – gold coins, biscuits and bars. Kausik Shah, a resident of Nerul says, “It’s difficult to tell purity of gold offered by the jewellery shop, on the other hand banks offer the guarantee of quality, so one can always rely on the gold bought from banks.”


The gold price today is Rs. 9,325 per 10gm – per 24 carat and the price for 23 carat is 9,270.

Manali H. Shah>