As the prices of jewelry are on the increase, the buyers are avoiding making the purchases, which results in less footfall.

Silver and Gold Prices Soar, Sarafa Market is in Crisis, latest news: Prices of silver and gold are still on a sharp hike, 10 grams of gold going beyond Rs 89,000 and a kilogram of silver selling for more than Rs 98,000. The dramatic hike is causing a major slump in the Sarafa (jewelry) market, forcing traders to reel under it.

As the prices of jewelry are on the increase, the buyers are avoiding making the purchases, which results in less footfall. The shopkeepers are standing idle and their revenues have been badly hit. Businessmen such as Somnath Swarnkar, Anoop, and Pankaj Singh of Civil Lines Katra have cited disappointment over the slump in business.

The Maha Kumbh Mela, which was supposed to bring huge volumes of customers, has not been of any use because of barricades and congestion in the city, deterring customers from reaching the market. Also, gold and silver jewelry from other districts and states has not been coming, thus adding to the problem.

Dinesh Singh, president of the Allahabad Sarafa Sangh district, said the unabated hike in gold and silver prices has taken a toll on the business. Traders might be compelled to close shops by February 26 if the situation continues. He stressed that the constant dip in business is resulting in heavy losses, and unless things improve, the trade in ornaments would suffer a major setback.

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