Pune jewellers apprehensive about business this Gudi Padva

Although the jewellers’ strike has been withdrawn in time to enable them to cash in on the rush to buy gold on Gudi Padva, the jewellers are still apprehensive about doing brisk business on Friday. Their apprehension is on two counts.

Firstly, there are very few wedding muhurts over the next some months. The absence of wedding muhurts has forced several people to postpone marriages which is slated to reduce the purchase of gold, which is mainly done for weddings.

The second reason is the price rise. In the Union budget, finance minister Pranab Mukherjee, announced a two per cent of rise in the import duty on gold and also proposed an increase in the excise duty on unbranded and precious jewellery. He also proposed to double the custom duty on standard gold from two per cent to four per cent. Besides, service tax will be levied on the making of gold jewellery. This is slated to increase the prices of gold which may result in bringing down the demand.

Hence, Mukherjee’s decision was opposed by the jewellers’ associations across the country and they had gone on strike. Now, on the occasion of Gudi Padva, the jewellers are not sure whether people will still buy the gold at higher prices.