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A LOOK AT THE UPS AND DOWNS OF DIWALI 2008 – GOLD DID NOT GLITTER THIS DIWALI

gold-5Gold is not exactly glittering this Diwali season in the city. Inflation has hit the sector high which is seeing limited consumers for the alluring yellow metal. For gold merchants and shop keepers, this time of the year is of huge profits and earnings but with the prices of gold swinging wildly and an economic slowdown staring at their faces, the festival of lights too is not inviting huge crowds to jewellery shops across the State. The gold business has fallen by 25 to 30% this year and the business is rather slow. The Diwali season normally sees at least 20% spurt in sale of gold jewels but Diwali has not brought sparkling orders for the over one lakh craftsmen. The jewellery showrooms have cut down on wastage charges from 4 to 3% for the goldsmiths, while hiking the charges for the customers.

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