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Dhanteras puts sparkle back in market

  Updated: Oct 25, 2019, 22:07 IST

Despite talk of an economic slowdown, jewellery and autmobile sales put the fizz back in the market on Dhanteras in Lucknow on Friday.

The automobile sector was in top gear with around 2,200 cars and 6,000 two-wheelers sold till 8pm on the festive occasion. Last year, around 2,100 cars and 5,000 two-wheelers were sold on Dhanteras in the state capital.

A US maker’s three high-end bikes worth Rs 21 lakh each and six bikes worth Rs 6 lakh each were lapped up by customers.

Similarly, a car worth over Rs 2 crore and 60 cars in the Rs 1 crore bracket were sold by various agencies on the day.

The sale of high-end cars improved by 40% with Jaguar, BMW, Mercedes, Skoda, Landrover and Audi doing brisk business, said dealers.

Bullion traders too did well, selling nearly

275 kg gold and 1400 kg silver till 7pm on Friday.

Diamonds worth over Rs 200 crore were reportedly sold till 7pm and sales were expected to cross the Rs 300-crore mark, those in the trade said.

The huge rush made the gold price surge to Rs 39,990 per 10 grams, while the price of silver went up to Rs 38,500 per kg.

Necklaces worth Rs 90 lakh, Rs 70 lakh and Rs 45 lakh respectively were sold to individuals separately by different showrooms in Hazartganj. A showroom in Chowk sold a necklace worth Rs 37.5 lakh.

Kailash Chandra Jain , president, Chowk Sarrafa Association, said: “The mood is upbeat and people are purchasing gold in good quantity. It seems the market has recovered.”

He said there was a gradual shift in consumer choice from the unorganised to the organised sector. Consumers now preferred branded jewellery with the guarantee of quality, he said. This was the first-time branded showrooms recorded more sales than the unbranded ones.

“It’s a great sign of an economic recovery,” said Vinod Maheshwari, general secretary of the Chowk Sarrafa Market.

“The recovery has been staged by the market itself, which is in the hands of the middle and upper middle class people who save all year in order to spend on big occasions,” he said.

The sale of other items like steel utensils, copper utensils, electronic items, LED TVs, sound systems, high-end TVs and home theatres also showed an upward trend.

UPWARD TREND

275 kg

gold sold in city markets till 7pm. Last year, nearly 275 kg gold was sold on Dhanteras.

2200

four-wheelers sold till 7pm on Friday compared to around 2,100 cars last year.

6,000

two-wheelers sold till 8pm on Tuesday compared to 5,000 on Dhanteras last year.

 

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