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Gold sales down by 30% this Deepavali!
Posted on: 29/Oct/2019 12:17:41 PM
Regarding the gold sales during this year’s Deepavali festive season, the president of the ‘Madras gold and diamond jewelry traders’ association’ Jayanthilal Chalani shared:
‘All state and central government employees, teachers, and private organization employees are paid a bonus for Deepavali. So, Deepavali was generally being celebrated in a grand manner. As regards Chennai, the tradition of shopping starts at 10 days earlier to the festival! The sales of gold jewelry items commence 10 days ahead of Deepavali and continue till noon on the Deepavali festival day!
However, the trading/sales this year has rather been dull. The purchasing crowd was less. All the jewelry shops remained open on the Deepavali festival day. However, there was very little buying crowd!
The main reason attributed to this is the increase in the price of gold up to Rs. 5000 per sovereign. Further, public money circulation has also been severely lower. GST and job retrenchment are the 2 major reasons for the lesser money circulation among the public leading to lesser sales.
This dull sales status prevailed not only in the state of Tamil but throughout the country!
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