This Dhanteras, gold jewellery loses gleam, silver shines in Ludhiana

Sales dominated by silver, which was available for Rs 64,700 per kg as opposed to gold that sold at Rs 48,900 per 10 grams.

Even as residents turned up in large numbers to purchase gold and silver jewellery, considered auspicious on the occasion of Dhanteras, jewellers said the response was limited to around 60% as compared to previous years.

Special festive offers also failed to elicit shopping enthusiasm, as residents stuck to lower quantities, say jewellers. (Gurpreet Singh/HT)

This, they attributed to the economic crisis due to the ongoing Covid-19 pandemic and the high rates of the precious metals. But, what further dented the sales was confusion among residents about the date of Dhanteras, with some believing it’s on Friday and not Thursday.

The fact that the rate of gold (22 carat) dropped by over Rs 2,000 over the last two days to settle at Rs 48,900 for 10 grams didn’t reflect in the sales, which were dominated by silver, available for Rs 64,700/kg.

“The footfall is obviously lower this year due to the financial crunch being faced by residents. Customers’ purchase capacity has reduced and there was also some confusion about when Dhanteras actually is, with some saying it is on Friday. So, we may see some sales then,” said Naveen, owner of Star Jewellers on Cemetery Road, near Fountain Chowk.

“Despite announcing offers, the response at my store was limited to 60% as compared to previous years, primarily due to high gold prices,” said Karan Arneja, owner of White Dazzle on Char Khamba Road in Model Town.

However, Prince Babbar, president of the Ludhiana Swarnkar Sangh (Sarafa Bazar), said, the response may be lower, but was still appreciable, as the jewellery sector was going through a slump since the lockdown.

President of the Ludhiana Jewellers’ Association, Anand Sikri said, “The actual response can be gauged after Friday when more customers are expected to turn up.”