Dhanteras bring sparkle back to gold stores

BANGALORE: Recession, sensex slump, pink slips -- nothing came in the way of the Dhanteras shopper. Especially as the price of gold and silver slipped significantly, adding sparkle to the auspicious day.
The economic slowdown did affect us in the last few days, but business has picked up for Dhanteras, said most gold traders. Citizens say that buying gold on this day is like a lucky charm, and they will not compromise on it, no matter what the liquidity crisis.
However, a few shops were almost deserted, as compared to figures last year.
Prominent shops on Commercial Street were crowded with people of all age groups. According to C Ganesh Narayan, executive director of a popular store on Commercial Street, "Regardless of the gold price, we were sure that business would buzz this time. Of course, since prices have dropped considerably, people can afford things they always wanted to buy."
He added that this year, the demand was more for chic, contemporary jewellery, including 18-kt beaten gold designs, which is lighter and cheaper than 22-kt. The designs are also modern, perfect for working women. The range of gifts vary from intricately sculpted silver musical instruments to lamps and paan boxes with meenakari on them. The men also did their Dhanteras shopping with silver cufflinks and watches.
In other shops, coins were in high demand. Traders said as it is a ritual, people don't want to shirk it, and are buying small gold and silver coins. "Compared to last week, sales have picked up but the crowd could have been better. Most people are buying coins this year," said Srinivas K, manager of another jewellery shop.
For some traders, Dhanteras has brought new hope. Sajjan Jain, managing partner of a gold and diamond showroom, said sales have picked up very late. Sales look stable and he thinks that the good time will stretch because the marriage season starts just after the festivities. "In spite of the bad times, people are not forgetting traditions. Gold sales are seven to eight times more than on normal days, and silver is almost 12 times higher," he said.
Most customers bought to maintain tradition. "It's great that the prices have come down during the festive season. We buy gold every year on Dhanteras. This year, I have bought some jewellery sets for my daughter who is getting married soon," said Leena Agarwal, a customer. Some young customers thought it was a good time to buy because of the fall in prices.