Dhanteras: Jewellers fear a DeMon spoiler

CHANDIGARH: Chandigarh based jewellers don't have high hopes from Dhanteras this time around and feel that the impact of demonetization would be felt even a year after it was implemented on November 8 last year.

However, according to them, the goods and services tax (GST) will not be the reason for low sales. “Sales during Karvachauth were not even 20% of previous years, even as the price of

gold

is less.Festive sentiment is weak among buyers. People are not willing to spend money . Earlier, housewives used to save money . Then, with their husband's contribution, they used to shop. But this year, it did not happen. All this is because of demonetization,“ said

Mahajan Jewellers

owner K R Mahajan, who is also the vice-president of

Chandigarh Johri Association

and a member of Chandigarh Jewellers' Association.

According to jewellers, buyers are willing to shell out lesser money this year. “The parking's are chocked, but shops are empty . Earlier, there used to be rush in shops as well. Till last year, people happily spent Rs 30,000 to Rs 50,000. But this year, they want something between Rs 10, 000 and Rs 15,000. In this budget, choice is limited. All this is because there is not much cash in the market. People are not willing to shell out from banks,“ said Krishna Jewellers president Vinod Talwar, who is the president of Chandigarh Jewellers' Association.

The rate of gold is expected to be around Rs 28,800 for 10 grams on Dhanteras. “Last ye ar, it was Rs 29,600. We are expecting this dhanteras to be as happening as the last time, if not better,“ said

Anil Talwar

, owner of Talwar Jewellers.

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