PIONEER EDGE NEWS SERVICE/Dehradun
Many jewellery shop owners in Dehradun have raised concerns stating that customer footfall has dropped by about 40 per cent compared to tge previous year during this festive season, attributing this drop to the rising price of gold. They said that lower and middle-class consumers in particular are visiting their stores less frequently. To entice customers in anticipation of Deepawali, these shop owners are introducing new offers and discounts.
It is pertinent to mention that the price of gold has increased compared to last year. Further, the price of silver has also increased over time and it is expected to continue rising in the future.
A jeweller, Harkirat Singh raised his concerns about the decline in customer visits during this year’s festive season. He said that the rise in gold prices compared to last year has resulted in an average 40 per cent drop in foot traffic at his shop. Currently, the price of 24-carat gold stands at Rs 1,30,000 per 10 grammes, up from Rs 81,000 the previous year. As a result, fewer customers are coming in and those who do are opting for lightweight jewellery. Further, he said that the prices of silver have also increased significantly, with silver now costing Rs 1,81,000 per kilogramme, compared to Rs 85,000 last year during Deepawali. He emphasised that due to the heightened prices, many people are now choosing to invest in silver instead.
“The rising prices of gold over time have impacted gold jewellery sales this year. To attract more customers, we have introduced various offers on both gold and silver jewellery. We anticipate that the prices of gold and silver will continue to rise in the coming days,” stated jeweller Vansh Saxena.
Another jewellery shop owner Gagan Arora shared similar concerns regarding the decline in customer foot traffic due to escalating prices of gold and silver. He expressed that authorities should have considered making adjustments to GST reforms for gold to help stabilise the business during this festive season. He also highlighted that his shops have implemented offers and discounts to entice customers.
