Rising gold prices take shine off Diwali, Dhanteras this year

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SummaryMost Gujaratis buy gold on auspicious days of Pushya Nakshatra and Dhanteras, which fall before Diwali.

Even as Pushya Nakshatra set in by Saturday afternoon, and a Dubai-based jewellery brand held a star-studded inauguration in Vadodara and Ahmedabad, the enthusiasm among people to purchase gold on auspicious days seemed missing this season.

Most Gujaratis buy gold on auspicious days of Pushya Nakshatra and Dhanteras, which fall before Diwali.

Jasubhai, a jeweller in Manekchowk area of Ahmedabad said, “We are going through a major crisis, because no one is purchasing gold due to its high prices. We are expecting 50% less sales this year in comparison to the sales last year.”

While Harshvardhan Choksi, another jeweller in the same area said, “People are more into purchasing ornaments for the upcoming marriage season.”

When asked about the slowdown, he is confident it would not stay for long. “We are trying to lure people by providing various schemes and discounts. We are also offering zero making charges,” Choksi said.

A goldsmith from the same area, , Lalin Shah, said, “There is no such thing like discount that could be given on gold. People are being cheated more through these discounts. It is just a marketing strategy.”

However, gold is still seen as the best way to invest. Manisha, a housewife, said that “even if we want to buy gold, we can’t afford it due to the rising prices. I prefer buying gold coins than any other ornaments. Coins can be used in future investments, but it’s a loss if we buy gold ornaments. Jewellery has less resale value.”

Mayankbhai, who works in a branded jewellery store, said, “To lure customers, we have brought silver plated 500 and 1,000 rupee note replicas, which would cost only Rs 800-1,000, convenient for a normal citizen to purchase it.”

BIRVA SOLANKI

HARITA DAVE

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