Prospective customers prefer to keep low profile
The gold rush which is usually expected during the Diwali season has taken a back seat While the market is bustling as far as sweets and crackers are concerned there is apparent reticence to go in for the yellow metal.

The traders attribute numerous reasons for the declining sales from increase in gold prices by 10 per cent to poor liquidity around.

"Although we expect good business of gold jewellery on Dhanteras, this time around we expect low sales compared to last year, says Pawan Jethalal of Ramesh Jethalal Soni Jewellers located at the C.G road

"The massive earthquake and the riots have taken a toll of its own. This year I have no idea what went wrong. Ten gms of gold is priced at Rs 5680 and there is an increase of Rs 300 to Rs 400 this season," says Mahendrabhai of Zinzuwadia Brothers Jewellers located at C.G road.

Almost all the shop owners at Manek Chowk were pessimistic about demand picking up in the short term. Jayavant Bharat of Choksi Sankalchand Chhaganlal located in Manek Chowk says "As compared to last year there has been a 50 per cent drop in customers. Many of the government and private sector companies haven’t declared bonuses for its employees. Jab jeb mein paise hi nahin tho aadmi kya kare. As Diwali special we have brought in new designs but who is going to purchase them?".

Identical sentiments were echoed by Raju Gurmani of Surya Jewellers at C.G road. Gurmani says "There has been 40 to 50 per cent decline in customers this season. However the shop has come up with an attractive gift package to allure customers.

However the shop of Bipin Zaveri of Ishwarlal Harjivandas Jewellers at Swastik Char Rasta seems unaffected by the current market gloom. Zaveri says

"We are receiving good number of customers as far as gold and diamond is concerned. During pushya nakshatra the rush was so much that the shop was kept open till the wee hours. For dhanteras too, we are expecting a huge crowd. Zinzuwadia brothers have also come up with new designer jewellery on the occasion of Diwali.

Republished from The Asian Age