PIONEER EDGE NEWS SERVICE/Nainital
Jewellery shop owners in Nainital have raised concerns about a significant drop in their sales, reporting a decline of 40 to 50 per cent during Dhanteras on Saturday. They said that the bustling atmosphere typically associated with the festive season was noticeably absent from Nainital’s markets this year as the festival of light approaches. The soaring prices of gold and silver have discouraged average shoppers from purchasing items this festive period.
The owner of Sudhir Jewellers in Mallital, Sudhir Verma said that the size of the crowd on Dhanteras this year was considerably less than in the previous year. He said that the consistent rise in gold prices has compelled customers to opt for jewellery of lower carat weight. While stores used to be busy throughout the day, now only a handful of customers are making small purchases. He indicated that the price of 24-carat gold has climbed to between Rs 1,33,000 and Rs 1,34,000 per 10 grammes, with silver exceeding Rs 1,80,000 per kilogramme.
Additionally, the owner of Krishna Jewellers, Deepak Gururani said that there has been a 30 per cent decrease in business this year. He said that the costs of both gold and silver have affected shoppers’ ability to buy. Earlier, customers would purchase 10-gramme silver coins, but now they are opting for only five or even two grammes, he said.
Local resident Hema Jeena said that the increasing price of gold forced her to settle for a nose pin this year. She said, “In past years, we would buy gold jewellery for Dhanteras, but this year the prices have soared.”
