Share this contentMUMBAI: Jewellers in the traditionally lucrative Indian gold market are struggling - even while the metal's value skyrockets - as COVID-19 fears keep sales down, craftsmen at home and shops shuttered.
Even the impending wedding season, which traditionally kicks off in October and sees families spend a small fortune, has failed to buoy spirits or boost spending as India braces for its first recession in four decades. "But with the pandemic and uncertainty looming in the job market, we decided to cut down on our spending on gold and instead keep the money for a rainy day," the 29-year-old said.According to the World Gold Council , India's gold consumption fell by a staggering 56 per cent during the first half of 2020 compared with the same period last year.
Millions of migrant workers, including many gold craftsmen, have fled India's cities as their incomes have dried up. Bhadresh Gowda, a farmer in Karnataka state, used his wife's wedding jewellery to secure a 200,000-rupee credit line after huge losses during the lockdown.
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