Indore: Festival buying reached its zenith at the eleventh hour on Tuesday evening. The market that had been struggling to cope up with shock waves of demonetization and GST suddenly transformed into the most happening place on Dhanteras. Be it jewellers, automobile or electronic item dealers all were left smiling by the time it was time to down shutters on the first day of the five-day auspicious festive season of Diwali. Government’s decision to relax the norm of PAN number submission for buying of gold added to the glitter of the yellow metal.
Though the five-day-long mega and most awaited ‘Deepawali’ festival began on Tuesday, the market had started looking up from Pushya Nakshtara. All markets registered unbelievable high sale on auspicious Ravi Pushya Nakshatra. Heavy buying continued on Dhanteras too. Heavy rush was witnessed at jewellers and automobile showrooms. It seemed at all roads led to prominent markets on Dhanteras.
Lightweight gold and diamond jewellery in high demand
According to bullion market leaders there were obvious reasons behind high buying. Earlier, any person buying gold worth more than Rs 50,000 had to produce PAN. However, ahead of Deepawali, Central government increased the limit to Rs 2 lakh thus triggering gold buying spree. Thus, a large number of people came forward to buy gold.
Traditionally buying of gold, particularly coins with Goddess MalaLaxmi imprint, is considered auspicious. However, buyers preferred light weight gold and diamond jewellery. It is after a gap of three that demand for these two items has witnessed an upswing.
Offers attract automobile buyers
Offers by automobile companies attracted buyers in a big way. Those who did advance booking came to take delivery. Heavy buying of two and four wheelers was reported in automobile segment.
Initially the market was dull. Sentiments of buyers changed from Dhanteras. They came out to make purchases. All markets registered an upswing.
– Sushil Sureka
secretary of Ahilya Chamber of Commerce, an apex body of trade organizations of city