Jewellery sales dip to a new low in last five years

Coimbatore: The model code of conduct has affected sales of jewellery shops on Akshaya Trithiya. Jewellery shop owners said that sales has not just reduced by half but dipped to a new low in the last five years.
"The model code of conduct restricts people from carrying more than 50,000 in cash. People are afraid to carry extra cash, fearing it may be seized.So sales have dropped by 50% when compared to last year," said D R Raghunath, president of Tamil Nadu Jewellers Federation and owner of D A R Paradise. Rise in gold prices, 10 days ago, also affected sales.
Muthu Venkatraman, president of Coimbatore jewellery manufacturers association, agreed that sales dipped due to election. "While only a few prefer to swipe cards, most carry cash for purchases," he said. Jewellery shop owners said that generally, this time of year, the streets are crowded with people. "This year, people begin walking in only after 4.30 pm. Apart from election, the summer heat has also affected our business," said B Sabarinathan of Sabari jewellery.
Senthil of Jewel One, said that though the number of walk-ins to their showroom on Crosscut Road had not decreased, sales has drastically reduced. Naresh Chetan of Zaveri jewelers said this was expected, and they were prepared for this. "We knew that the election would play spoilsport and affect business adversely but this has by far been the worst Akshaya Trithiya in the last five years," he said.
Most residents preferred to buy just coins. "Many have decided to make the purchase after the election and after the rates fall," said Raghunath.