Jewellers see sparkle in sales this Dhanteras
LUCKNOW: Sales of gold and silver sparkled in the state capital on Dhanteras despite talks of economic downturn this year.
Nearly 275 kg gold and 1,700 kg silver were sold in city markets on this occasion last year, but on Monday yellow metal and silver sales crossed the 405-kg and 1810-kg mark respectively at 7 pm. The business was expected to continue till 12 am.
The sale of other items also showed an upward trend.
The market mood showed that GST failed to have an impact on the festive spirit of Lucknowites.
Out of 405 kg gold, 310 kg was sold from branded showrooms (with bills) while the remaining was sold from unbranded outlets (with bills). Necklaces worth Rs 70 lakh, Rs 50 lakh and 45 lakh were sold to individuals separately by different showrooms in Hazartgaj while a showroom in Chowk sold a necklace worth Rs 27.5 lakh.
Vinod Maheshwari, general secretary, Chowk Sarrafa Association said: “The mood is upbeat and people are purchasing gold in good quantity. It seems the market has recovered,” he said.
Big players in the bullion market said there was a gradual shift in consumer choice from the unorganised to organised sector and consumers were now preferring branded jewellery with guarantee of quality.
The sale of diamonds also crossed Rs 200-crore mark till 7 pm and it was expected to breach the Rs 300 crore figure by midnight, they said. The automobile sector was also in top gear with around 4,500 cars and 11,000 twodealers. wheelers sold till 8 pm. Last year, around 2,200 cars and 5,000 twowheelers were sold on Dhanteras.
These figures showed an unexpected boom, showing signs of recovery from the alleged downturn in the market, said experts.
Besides, sales in the high-end car segment improved by 40%. Brands like Jaguar, BMW, Mercedes, Skoda, Landrover and Audi did brisk business, said “It’s a great sign of economic recovery. The first impact of demonetisation and GST have been absorbed,” said Dr AP Tewari from the department of economics at Lucknow University. “The recovery has been staged by the market itself, which is in the hands of middle and higher middle class people who save all the year to spend on occasions,” he said.
It’s a sign of economic recovery. The first impact of demonetisation and GST have been absorbed. DR AP TEWARI , department of economics, Lucknow University