Dhanteras: Gold loses sheen, vehicle sales similar to last year in Chandigarh

The markets witnessed a huge rush on Monday. The President of Phase 3B2 Market Association, Jatinder Pal Singh J P, said that there was improvement in sales this year as compared to 2017, still people seemed to prefer online shopping.

Written by Hina Rohtaki | Chandigarh | Published: November 6, 2018 9:57:00 am
Dhanteras: Gold loses sheen, vehicle sales similar to last year in Chandigarh On Dhanteras in Chandigarh on Monday. (Express photo by Jaipal Singh)

Gold didn’t shine much for jewellers in Chandigarh this Dhanteras as they have noted a whopping 40 per cent less sale than last year. For automobile dealers, however, the sale of vehicles was almost similar to 2017. Rajiv Sahdev, President of Chandigarh Jewellers’ Association, said the market is really down. “Even after around two years of demonetisation, we didn’t see much rise in sales. I took feedback from several jewellers and they shared that it is around 40 per cent less sale than what it was last year,” he said.

Mohali jewellers echoed their Chandigarh counterparts. According to the president of Mohali Jewellers’ Association, Sarbjeet Singh Paras, this year there is a dip of around 10 per cent in sale. “Last year the total sale of gold and silver was around Rs 4.5 crore, while this year it is nearly Rs 4 crore. The total sale of gold was recorded to be around Rs 1.5 crore, while that of silver at Rs 2.5 crore. People mostly showed interest in gold coins and silver utensils,” he said.

Jeweller Sanjay Kumar specified that the high rates of gold this time can be one of the reasons. “The rate of 24 carat gold is Rs 32,850, while that of 22 carat is Rs 30,600 today (Monday) on Dhanteras. I guess that was the reason that many didn’t prefer heavy items. Those who purchased gold were going for small ear tops or coins,” he said. Last year, the rate of gold was around Rs 29,000.

About the reason, Paras said that people are more interested in online shopping.  Automobile dealers also said that the sales didn’t pick up.

Nitin Mehan, member of Chandigarh automobile dealers’ association and Managing Director of Auto Pace Network, said that his business this year was similar to 2017. “Around 150 units were sold in both my outlets (dealing in Maruti), same as last year,” he said.He added this time Navratri and Dhanteras have split in two months – October and November. “If we see the sales today (Monday), then they didn’t pick up and remained same as last year. But, from Navratri to Dhanteras, we can say that there is some growth in car sales,” Mehan said.

V S Saluja, President of Chandigarh automobile dealers’ association, stated that according to the feedback he received from the dealers, who have a major share in the industry in the city, there has been no increase in sales than last year. Meanwhile, a total of 250 two-wheelers and 150 cars were sold on Monday in Mohali.

The markets witnessed a huge rush on Monday. The President of Phase 3B2 Market Association, Jatinder Pal Singh J P, said that there was improvement in sales this year as compared to 2017, still people seemed to prefer online shopping.

(with inputs from ENS, Mohali)

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