Dhanteras: Jewellers disappointed

By SNV Sudhir

Visakhapatnam, Nov 1, 2013: Dhanteras, considered an auspicious day before Diwali, failed to create any buzz among gold buyers. It’s a popular practice to buy gold on Dhanteras day and use it while doing puja to the goddess of wealth Lakshmi.

Gold merchants who were going through a tough time since some months due to lack of business after the Samaikyandhra agitation and floods, had pinned hopes on Dhanteras thinking that the public would come forward and buy gold. Gold merchants said they had just average business and nothing extraordinary. They had been witnessing a downtrend in gold sales ever since rates started going up.

Gold merchants also felt that the government’s decision to levy 11 per cent taxes have been discouraging buyers. And adding to their woes are disturbances in the form of agitations, strikes which had weakened business since the last three months.

“We are probably facing the worst crisis ever. After 2007-08 we started witnessing a downward trend. We are not doing even 10 per cent of the business we had in the 2007-08 period. And we hope that at least during occasions like Dhanteras and Akshaya Thritiya we will get a boost. But this year both occasions disappointed us,” said Visakhapatnam Gold and Silver Jewellery Merchants’ Welfare Association secretary, N.V. Achyuta Ramaiah.

There are around 600 small, medium and big gold jewellery showrooms in Vizag including in the outskirts of Gajuwaka, Gopalapatnam and Pendurthy. The Kurupam market in the One Town area itself has around 200 gold shops. They generally have a turnover of Rs 70 crore in a year.

“As of now we have done just an average business there is no any unusual jump in our business or mad rush on the occasion of Dhanteras. We are still waiting as there is also little confusion about Dhanteras whether it is to be observed on Friday or Saturday,” said Sunil Francis of famous jewelery chain Joy Alukkas.