Gold fails to glitter this Dhanteras

Harshbab Singh

Chandigarh, October 25

Dhanteras failed to bring cheer to city jewellers. As compared to last year, the sales were down by about 40 per cent this time. Dhanteras, which is considered an auspicious occasion for buying gold and silver items, failed to lift the spirits of city jewellers this time as there were fewer buyers.

Vinod Talwar, president of the Chandigarh Jewellers Association, said: “The sales reduced by 40 per cent as compared to last year. The sale of jewellery is going down by approximate 15-20 per cent every year.”

Though the sale of silver increased, that of gold and diamond witnessed a decline, he said.

Talwar blamed it on lack of money in the market. “The economy of the country has been affected after demonetisation,” he said.

Dhanteras, however, brought cheer to automobile dealers as the sale of vehicles saw an upward trend. In fact, the sale of vehicles has seen a rise in the entire month so far.

The dealers witnessed a surge in vehicle sales this festive season as compared to the corresponding period last year. The automobile sector, which had been facing a slowdown, is now hoping to recover the losses faced earlier this year.

The dealers are witnessing a rush of customers with automobile companies offering attractive discounts and additional schemes.

Figures provided by Autopace Network Private Limited, Industrial Area, Phase 1, show that the sale of Maruti Suzuki cars in Chandigarh has increased by around 40 per cent as compared to the corresponding period of September and October last year.

Gurnam Singh, General Manager, Autopace Network Private Limited, said: “About 250 cars were sold in October 2018. Around 350 cars have already been sold this month. The figure will touch 400 easily in view of the ongoing festival season.”

Earlier, there was a 38 per cent decline in the sales from April to August as compared to the corresponding period last year. The increase in the sale of vehicles this festive season has helped make up for the earlier losses, he said.

“We had sold 1,468 cars from April to October in 2018. This year, we crossed the 1,500 mark,” said the General Manager.

Honda has also witnessed an increase in the sales this festive season. Manish Saini, Sales Manager, Courtesy Honda, said, “We have sold over 100 cars this month as compared to 89 sold in October 2018.”

Chandigarh already has the highest vehicle density in India. The number of vehicles registered in the city has already crossed the 11 lakh figure.