Business

The demand for gold faded due to Corona on the season of weddings starting from Makassar Sankranti

Omicron To Affect Gold Demand: The outbreak of Corona epidemic is suddenly increasing in the country. The case of Corona has crossed 2 lakhs. The cases of the new variant Omicron of the virus are also increasing. Due to which the state governments are imposing new restrictions. Night curfew has started. In such a situation, it is going to have the biggest impact on the season of weddings starting after Makar Sankranti. The season of weddings starting after Friday is going to last till April. In such a situation, Corona will definitely have an effect on the wedding season.

Businessmen upset due to Corona
In this season of the second phase of weddings across the country, more than 30 lakh weddings were expected to generate business worth more than Rs 4 lakh crore, but after the third wave of Corona, due to Kovid restrictions, it was reduced to only 1.5 lakh. It is estimated to be only crores, due to which the traders are disappointed. Traders’ body Confederation of All India Traders (CAT) said that Delhi alone was estimated to have more than 2.5 lakh weddings this season, due to which large business was expected which has come down as Delhi now has only 20 persons in weddings. The limit for inviting has been fixed. In other states of the country, 50 or only 100 people have been allowed to attend weddings. Similarly, many other restrictions have also been imposed on the activities related to weddings, due to which the big business in the wedding season is bound to be affected.

Jewelery showroom is empty
Despite the arrival of the wedding season, there is a decrease in the demand for gold. Gold jewelery showrooms are lying vacant. People are not going out of the house to shop out of fear. The beginning of 2022 looks bleak as compared to 2021. The season of weddings is considered very important for the demand for gold. Whereas in November 2021 last year, due to reduction in corona cases and easing of restrictions, according to an estimate, between November and December, there have been close to 25 lakh marriages in the country. Which is 57 percent more than last year. Jewelers have benefited the biggest from this.

Record gold imports in 2021
Due to this wedding season and festive season, there has been a record increase in the import of gold in India. According to the data, this has been the highest gold demand in the last decade in 2021. Due to the increase in demand, India has to import gold worth Rs 4.17 lakh crore to meet the consumption. In 2020, only 430 tonnes of gold was imported into India, but in 2021, a total of 1050 tonnes of gold was imported, almost two and a half times more.

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Shivam Bangwal

Shivam Bangwal is a young entrepreneur who is professional full time tech, travel and coding enthusiast with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

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