Inflation and sky-high gold prices hit Dhanteras hard
2 Nov 2013 12:01 AM GMT
High prices of gold, ongoing recession and slow economic growth have taken away the charm and spirit of Dhanteras, which falls two days ahead of <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Diwali. According to most jewellers, high volatility in gold prices has definitely hit the sale of prices this Diwali and customers are shying away from shelling out money to buy their most favorite yellow metal.
‘As compared to gold, people have started buying silver because of the high prices and also reluctance to spend extra money. We haven’t witnessed rising customer demands as we saw last year when people flocked to our stores weeks ahead of Dhanteras. Inflation, retarded economic growths are main reasons to be blamed for poor sales of gold,’ said <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Ashish Varshney, <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">owner of Krishna jewellers.
Most jewellers are not selling gold coins the most preferred item by the customers and as is the trend usually followed by them during festivals, rather they seek pure gold now to make jewellery.
‘Advanced booking for home deliveries on Dhanteras has also diminished this year due to the pressure on working people to celebrate Diwali within their financial constraints. Besides, <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">the restrictions on import of gold have further aggravated the problem,’ said <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Meenu employee at <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Mohit Jewellers in Noida.
‘As compared to gold, people have started buying silver because of the high prices and also reluctance to spend extra money. We haven’t witnessed rising customer demands as we saw last year when people flocked to our stores weeks ahead of Dhanteras. Inflation, retarded economic growths are main reasons to be blamed for poor sales of gold,’ said <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Ashish Varshney, <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">owner of Krishna jewellers.
Most jewellers are not selling gold coins the most preferred item by the customers and as is the trend usually followed by them during festivals, rather they seek pure gold now to make jewellery.
‘Advanced booking for home deliveries on Dhanteras has also diminished this year due to the pressure on working people to celebrate Diwali within their financial constraints. Besides, <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">the restrictions on import of gold have further aggravated the problem,’ said <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Meenu employee at <span style="border-bottom: 1px solid #0000FF !important;text-decoration:underline !important;color:#0000FF !important">Mohit Jewellers in Noida.
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