Dhanteras here, but jewellers not upbeat
Despite gold prices on the lower side as compared to recent years, the jewellery business has failed to pick up — even on the eve of Dhanteras, which people consider auspicious for investing in the yellow metalpunjab Updated: Nov 09, 2015 11:05 IST
Despite gold prices on the lower side as compared to recent years, the jewellery business has failed to pick up — even on the eve of Dhanteras, which people consider auspicious for investing in the yellow metal.
The gold is marginally cheaper in Chandigarh as compared to the neighbouring areas, still the number of customers at jewellery shops on Sunday didn’t show an upsurge, leaving the jewellers disappointed.
On Sunday, the price of 22-carat gold per 10gm was Rs 24,800. “The rate of gold in the city is less in comparison to neighourings areas. It is `200–300 cheaper per 10gm, still not many customers are there. The market is sluggish and people have less money to invest in luxuries,” said Rajiv Sahdev, president of Chandigarh Jewellers’ Association.
Talking about the trend, jeweller Rajesh Puri said antique gold jewellery was more in demand. “Last year, there was more demand for diamonds, but people are buying more gold this time. The customers are below our expectations. In comparison to last year, the sale 10-15% less,” he said. Another jeweller, Pradeep, said, “There has been fluctuation in rates of gold and silver. On Sunday, silver was at Rs 35,000 per kg and it was Rs 37,000 three days ago. I think, people are expecting further decline in the rates.”
No different is picture of utensil business. “This time, so far, there is hardly any increase in sale of utensils. There are no customers. We might expect that the sales will go up on Monday,” Ram Bilas Aggarwal, president of Bartan and Crockery Association.
Meanwhile, a large numbers of vehicles are set to be delivered to the customers on Dhanteras.