Gold loses sheen this Dhanteras, sales dip

Jewellers blame high gold rates, economic slowdown for 10-20% drop in sales

Gold loses sheen this Dhanteras, sales dip

Peolpe buying gold in a gold shop at Sector 34, Chandigarh on the ocassion of Dhanteras on Friday. Tribune Photo Pradeep Tewari

Chandigarh, November 13

Lockdown has had its impact on gold sales this Dhanteras. City jewellers have witnessed nearly 10-20 per cent drop in the sales this year in comparison to last year.

Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from gold and silver to utensils.

A member of the Chandigarh Jewellers’ Association said due to a slump in the market, the sales this year were hit by nearly 10 to 20 per cent in comparison to last year. Raman Joshi, a jeweller of Burail, said high gold rates were another reason for a dip in the sales this year apart from the economic slowdown caused by the lockdown.

Last year, around Rs 5 crore worth of gold and silver was sold on Dhanteras while this year the sales were expected to be nearly Rs 4.5 crore, said a member of the association.

Sanjay Verma, a jeweller of Mani Majra, said the lockdown had drastically reduced the buying capacity of people and now, they were going for small items such as earrings etc. Anita Kashyap, a housewife, said buying a precious item on Dhanteras was considered auspicious. Owing to a cut in wages in the private sector, she bought only a coin this time. — TNS

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