Local jewellers under scrutiny
Manufacturers and retailers are facing difficulties as the majority of bullion dealers have been “crushed” by the Government regulations, thereby leading to a “huge supply crunch,” said a bullion dealer from Zaveri Bazaar. Despite of supply crunch the traders and manufacturers are trying to survive in the industry without resorting to unfair trade practices.
However, despite of taking measures, the local jewellers in Zaveri Bazaar are under scrutiny of Government officials constantly. This point was raised by the India Bullion and Jewellers Association President Mohit Kamboj at one of the board meetings of the association. He said, “Recently, one of the members of the association was questioned and harassed by the officials for carrying legally bought gold.”
It was also discussed that the officials need to be careful about whom they interrogate during such search. The documentation should be analysed carefully by the official before jumping to any unfair conclusion. There are also other issues like the bullion dealers, manufacturers and jewellers are cutting down on their employees to deal with the supply crunch and other issues.
As the market conditions are not in favour, many jewellers are using this time for creating new designs and products. Kalinga’s Vaibhav & Abhishek have been doing the same. Vaibhav Jain of the renowned manufacturers in Mumbai shares, “The market is very sluggish at the moment with stringent norms, gold supply crunch, etc. We have realised that this is the best time to play around with some new creations and designs.”