A Lacklustre Ganesh Chaturthi For Jewellery Market Amid Slowdown

The famous Jhaveri market of Mumbai has witnessed a reduced footfall this season.

Updated02 Sep 2019, 07:40 AM IST
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Ahead of Ganesh Chaturthi, the jewellery market in the financial capital of India remained lacklustre amid an economic slowdown.

During Ganesh Chaturthi, devotees offer jewellery made of gold and silver. But these offerings maybe lesser this year because of the increase in the prices of the metals.

The famous Jhaveri market of Mumbai has witnessed a reduced footfall this season.

Kumar Jain, owner of UTZ Showroom, told The Quint, “The price of gold has inflated even in the international market. The cost of gold, until three months ago, was between $1,100 and $1,500. Today, it is as high as $1,540 to $1,550.”

The prices will continue to increase in the near future,  Jain said.

“When we ask why they aren’t purchasing it they say the donations for that particular committee hasn’t met expectations this year. There are other reasons also, like the economic slowdown in the country,” he added.

Recession Affected Donations to Organisers

Yadav Dattu Kadolkar, chairman of Ganesh Mandal, said this is the year of recession.

“The donations we used to get earlier haven’t been coming in this year. All Ganpati committees have been affected.”

The donations have reduced by 50% because of the slowdown, he said, adding that the advertisements have also been put on hold. “This year, no banners have been put up.”

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Published: 01 Sep 2019, 01:26 PM IST

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