Virus Outbreak
Amid the coronavirus epidemic, the country's gems and jewelry market has come to a standstill with retailers able to do just 20-25% business due to less footfalls, according to an industry group, in the fear of spreading the virus.
"There are virtually no footfalls in jewelry stores and retailers do only 20-25 per cent of business across the country," All India Gem And Jewellery Domestic Council Chairman Anantha Padmanaban told PTI here.
He further noted that people are in fear because of coronavirus outbreak (COVID-19). In addition the government has shut down malls, theaters and other busy areas as a precautionary measure.
Citizens often go out to purchase important goods. Furthermore, the number of deaths related to the latest coronavirus around the world has reached nearly 8,000. In India, on Wednesday, the number of novel coronavirus cases rose to 147, with 10 fresh cases registered from different parts of the country according to the Ministry of Health.
Padmanaban further noted that given that this is the last month of this fiscal year, there is growing urgency to reach all the deadlines relating to tax. "There is a lot of tax-to be sent to the Income Tax department, including advance tax, GST, demonetisation notice, which adds up to a loss of revenue," he said.
According to Lala Jugal Kishore Jewellers Manager Tanya Rastogi "Indian gems and jewelry industry is mainly wedding focused, but most such activities are being cancelled due to coronavirus, which has brought wedding shopping to a halt." Kumar Jain, owner of the Umedmal Tilokchand (UT) jewelry store Zaveri said the Zaveri Bazar in Mumbai has come to a standstill amid the ongoing wedding.