8 Challenging Scenarios Retailers Could Run Into

Based on insights gained from the G & J industry in the current situation, we have articulated eight challenging scenarios, which jewellery retailers may have to face in the near future. R Sugandha compiles solutions offered by select retailers from across the nation

- R Sugandha

The world has come to a standstill, the rapid pace of leading commercial hubs has come to an abrupt halt as Coronavirus is doing the rounds of every nook and corner -- forcing the rich and poor, the powerful and weak back indoors.

Where life itself adorns the garb of uncertainty – business seems to have been relegated to the farthest corners of human concern. In such unprecedented circumstances, every step one takes becomes a leap. The economic decline awaits in the wake of this serious health crisis and no one knows what else lurks in the background.

Experienced retailers present their views on how to overcome some of the toughest challenges that the economic crisis is likely to bring in…

#SCENARIO 01

What if many people come forward to sell gold?

A lot of jewellers are concerned if a large number of people come to sell gold, what will happen? How will they be able to buy so much of gold at such high rates? They cannot disappoint their clients as well, because they have been their customers for generations.

It is indeed a catch-22 situation, because we ought to honour the word, given to our esteemed clients, when they must have bought that jewellery from us, that we may have promised to buy it back, whenever they wish to sell it. The situation is indeed tough. The gems and jewellery industry is facing a serious cash shortage and this kind of an additional burden can prove disastrous.