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No gold sold in Covid India - 21st August 2020
Indian jewellery makers don’t have enough work. Gold is now expensive. People are not buying jewellery. They are worried about Coronavirus.
India’s lockdown is over. But jewellery shops are closed. There aren’t enough customers.
Zaveri Bazaar is in Mumbai. It usually sells a lot of gold. It has a lot of Coronavirus problems. Its workers went back to their villages during the lockdown. Many are waiting before they come back.
High gold prices are bad for business too. Young people are not buying jewellery for their weddings.
People are using gold. They are borrowing money with their gold.
Mr Somasundaram works for the World Gold Council.
Somasundaram: "The growth will come back and once the growth comes back you will see that demand for gold also rises. It's also culturally something which we can't disassociate from the Indian traditions."
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