Jewellery industry comes to a standstill due to coronavirus scare

Following the coronavirus outbreak, the gems and jewellery sector in the country has come to a standstill with retailers managing to do only 20-25 per cent business due to fewer footfalls amid fear of the virus' spread, according to an industry body. "There is virtually no footfalls in jewellery stores and retailers are doing only 20-25 per cent business across the country," All India Gem And Jewellery Domestic Council chairman Anantha Padmanaban told PTI here.

He further noted that there is panic among people due to the outbreak of coronavirus (COVID-19). Besides, as a precautionary measure the government has shut malls, theatres and other crowded places. People are mostly venturing out to buy essential commodities. Meanwhile, the number of deaths around the world linked to the new coronavirus has reached nearly 8,000. In India, the number of novel coronavirus cases has risen to 147 on Wednesday, with 10 fresh cases reported from various parts of the country, according to the Health Ministry.

Padmanaban further noted that considering this is the last month of this fiscal there is mounting pressure to meet all the tax-related deadlines. "There are a lot of tax related work, including advance tax, GST, demonetisation note to be submitted to the Income Tax department, which is adding up to the lack of business," he said. According to Lala Jugal Kishore Jewellers Director Tanya Rastogi "Indian gems and jewellery industry is predominantly wedding driven. But due to coronavirus most such events are being cancelled. That has driven the wedding shopping to a halt." Kumar Jain, owner of the Umedmal Tilokchand (UT) Zaveri jewellery store said the Zaveri Bazar in Mumbai has come to a standstill despite the ongoing wedding season.

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