Dhanteras Struck By Slowdown

The otherwise shopping-crazed day loses its sheen across major Delhi markets due to a sluggish economy and rising gold prices

- Sumant Banerji & Prashasti Shandilya in New Delhi and Rashmi Pratap in Mumbai

The usual glitter was missing from all key markets in the National Capital this Dhanteras.

Karol Bagh and South Delhi’s Sarojini Nagar and Lajpat Nagar shopping hotspots saw a sharp dip in footfall on Friday.

Bullion dealers and jewellers said the usual enthusiasm is missing as the gold price has gone up — from Rs 32,000 per 10 grams to Rs 39,680 per 10 grams in a year. They also blamed the economic slowdown for the crisis.

Pankaj Khanna, chairman, Gem Selections, said, “The footfall has come down almost by 50% to 60%. People are opting for cheaper alternatives or choosing online platforms. Earlier, Dhanteras for us meant working round the clock but now we wind up by 6-7 pm.”

Pawan Gupta of PP Jewellers in Karol Bagh said sales have declined by 40% in a year. "Every year our shops used to dazzle during the festive season, especially on Dhanteras. But this time the scenario is different. This is the result of the economic slowdown coupled with the high rate of gold,” he said.

“It's shocking to see that our sales assistants at the showroom today are outnumbering customers.”

WHAT BUYERS SAY

Smarica Samra, a customer, said salary, appraisals and bonus aren’t the same anymore. “The festive excitement isn't the same."

Rita Sharma, a 40-year-old homemaker, echoed similar sentiments. “It's an old tradition to buy gold or silver of some value today. With our minimal income, we have come to purchase a silver bowl as the gold rate is soaring.”

BIZ HIT HARD