Chandigarh jewellers expecting low sales this Dhanteras

CHANDIGARH: City jewellers are expecting low sales again on Dhanteras this year. With hardly any pre-bookings for gold jewellery this time, they speculate a low turnout of buyers for the third year in a row. While in 2017 the sale was less than 50%, it is expected that a further dip will be witnessed on Monday. With the expected drop in sales of gold jewellery, utensil shop owners are likely to benefit. Jewellers blame demonetisation for the poor business.

Vinod Talwar, president of Chandigarh jewellers association, said, "The market is extremely slow and we have hardly received any pre-bookings this year. The affect of demonetization is clearly visible now. It doesn't feel like festival season at all. Even today there was nothing festive as there was hardly any footfall."

KR Mahajan, finance secretary jewellers association, Chandigarh, said, "The business has been low throughout the year and there is no increase in sales."

Gold rate is expected to be around Rs 30,500 on Dhanteras on Monday. Last year it was around Rs 29,600. Residents were seen buying steel and silver utensils at sectors 20, 22 and 19 markets.