COVID-19 impact: Kolkata bullion market to open on alternate days

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As the second COVID-19 wave surges in West Bengal, where unbridled campaign for assembly elections is believed to have fanned the infection fast, the bullion market of Kolkata has decided to open for business on alternate days.

Until the morning of April 29, the total number of active cases in the state stood at 1.06 lakh and the state capital city of Kolkata led with almost 25,000 cases.

Shut down @ Sonapotti

The decision makers at Sonapotti, the popular name of the gold trading zone of the city’s central trading hub of Burrabazar, took the call of opening for business on alternative days starting May 3. The largest association West Bengal bullion dealers association took the decision on April 28.

“We have decided to remain open on Mondays, Wednesdays and Fridays. A WhatsApp message also has been circulated among all the members. We are waiting for their feedback before sealing the decision,” said Surendra Jalan, office bearer of West Bengal Bullion Merchants & Jewellers Association (WBBMJA).

“Due to this COVID 19 pandemic we bullion dealers have decided to open our shops only 3 days in week Monday, Wednesday and Friday and We will request our association and others to think like this for the whole market,” the WhatsApp message read.

There are 120-130 shops in Sonapotti, the hub of the state’s gold business. As much as 80% of the gold consumed is supplied by these businessmen. Out of these businessmen, 75% are members of WBBMJA.

However, there is confusion whether those who are not members of WBBMJA will abide by this decision.

Retailers are sceptical

Big retailers are yet to take a call. “We are waiting for guidelines from the government. Otherwise, we are leaving this fully on the owners of individual businesses. Right now, we are in a wait-and-watch mode,” said Bablu Dey, general secretary, Swarnashilpi Bachao Committee (gold artisans welfare committee) and the owner of Guinea Emporium.

Big jewellers like PC Chandra and Senco Gold are not in a mood to close any of their shops on any day of the week right now.

“We take utmost precautions and working with 40% strength. Each employee has a six-day schedule and then there is a gap of seven days. We are practising this since April 2020,” said Subhra Chandra of PC Chandra Jewellers.

“Right now none of our outlets will be closed due to the infection. But we are taking all types of precautionary measurements for the employees as well as for the customers,” said Suvankar Sen, owner of Senco Gold.

Artisan factor

Gold artisans are an important part of the chain. They are yet to take a decision.

“Almost all the artisans are working in clusters. Therefore, there is high chance to get infected, but till now no decision has been taken. We would meet this week to take a call,” said Togor Poddar, general secretary, Bangiya Swarnosilpi Samiti.

Bowbazar Sonapotti is one of the oldest gold hubs in the country. No fewer than 1.5 lakh people work here every day.