Jewellers struck a goldmine late on Monday night, as cash-rich people thronged jewellery showrooms to buy gold. The rush was much higher than what is witnessed on Pushyanakshtra or Dhanteras, auspicious days to buy gold. People even paid premiums to buy gold jewellery as jewellers stopped selling gold coins and bars. “People are scared as they didn't know what to do with the cash they had after the government announced the withdrawal of Rs 1,000 and 500 notes. People frantically bought jewellery and even paid a premium for it. This was the case with the majority of jewellers,” said Jigar Soni, secretary, Jewellers Association of Ahmedabad.
According to jewellers, people were willing to buy jewellery at a premium of Rs 350 to Rs 500 over gold prices and making charges. “Consumers did not even mind giving their PAN numbers to buy jewellery of Rs 200,000 and above,” he added. Jewellers expect gold prices to shoot up, considering the unprecedented demand for gold with people making beeline to buy the yellow metal following the demonetization of Rs 500 and Rs 1,000 currency notes.
