Andhra Pradesh

Markets wear a dull look this Dhan Teras

Customers shopping at a jewellery store in Vijayawada on Tuesday.

Customers shopping at a jewellery store in Vijayawada on Tuesday.

Commercial activity remained sluggish on the occasion of Dhanatrayodashi or Dhan Teras, an auspicious day in the Hindu calendar, in the city on Tuesday.

Jewellery showrooms witnessed underwhelming sales in the city, with merchants blaming the lacklustre sales on the ‘Tuesday sentiment’ — a widespread belief that Tuesday is not an ideal day for making new purchases.

There are an estimated 1,000 jewellery shops selling gold and silver in Vijayawada alone. There are nearly 50,000 small jewellery shops across the State, with daily sales running into a few thousand crores on average. A jewellery shop owner usually has stocks worth ₹10 lakh to ₹1 crore. The stocks go up during festive seasons or on special occasions like Dhan Teras or Akshaya Tritiya due to heavy sales. However, this season proved to be a dampener, said jewellers.

This is the second time this year that business was sluggish on auspicious days. In May, a similar situation prevailed on the occasion of Akshaya Tritiya. The COVID-19 pandemic dampened the spirits of people on Akshaya Tritiya for the second consecutive year in May. Consumer demand, as compared to previous years, has taken a hit, said jewellers.

“Sales were weak. Not just Dhan Teras, even the Deepavali mood is missing. Hardly 10% of the usual rush is seen,” said Kona Hari, a jeweller at One Town.

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Printable version | May 20, 2022 2:26:03 am |