industryWatchNov2

Vijayawada: Andhra Pradesh’s New Jewellery Hub Post Bifurcation of the State

The bifurcation of Andhra Pradesh has come as a blessing in disguise for gold jewellers in Vijayawada who have been struggling to register growth in their sales figure. The new capital of Andhra Pradesh is now the new jewellery hub in the state.

Many customers are heading towards the Vijayawada, the new capital of Andhra Pradesh for jewellery shopping. With most renowned retail outlets and jewellers in the city, Vijayawada is the new shopping destination of South India. Many jewellers have witnessed a lot of people buying ornaments from Vijayawada instead of going to Hyderabad.

According to Bezawada Jewellers and Diamond Merchants Association president K.J.N. Prasad, gold shops registered more than 10 per cent increase in sales since August last with a majority of customers purchasing ornaments in city. Buyers, hitherto, used to frequent Hyderabad for their requirements.

A majority of the families used to visit Hyderabad to purchase diamond-studded jewellery and other exclusive ornaments at Abids, Ameerpet, Begum Bazaar, Pot Market and General Bazaar in Secunderabad and other swanky showrooms at Somajiguda, Punjagutta and Patny Centre. They used to spend at least two days in Hyderabad to complete their shopping, but the trend has now changed.

With showrooms and other jewellers from Vijayawada coming up with novice designs and offers, most customers are buying ornaments here instead of going to Hyderabad. “It’s really an encouraging sign for us. We are hopeful of further increase in sales in days to come as a majority of the government employees hailing from A.P have to relocate to the city,” explained Mr. Prasad. To encash the growing demand, several gold merchants are mulling opening their showrooms here shortly. Three merchants from Chennai and Bengaluru have already chalked out plans to launch their showrooms.

Till recently, businessmen used to organise jewellery exhibitions in Hyderabad but the focus shifted to Vijayawada as organisers have started conducting similar expos here amidst high security in star hotels, said Mr. Prasad. More than 200 jewellery businessmen are catering to the needs of customers at different outlets here. However, there has been a downward trend registered in the gold sales for the past few weeks.

Consumers, according to gold jewellers, are adopting a wait and watch attitude before going ahead with purchases as they are anticipating further drop in the prices of the yellow metal in the days to come. Gold prices which hovered around ` 29,000 for 10 grams a few weeks ago, dropped to around ` 26,000 for 10 grams recently.

Courtesy: The Hindu