Dhanteras fails to bring cheer to retail markets, says traders body CAIT

New Delhi, Oct 26 (KNN) Confederation of All India Traders (CAIT) has said even Dhanteras failed to bring cheer to retail markets due to continued “customer slowdown”.

“The slowdown in commercial markets of the country continues even today and also hit the sales on Dhanteras, the day which is considered as the most auspicious day to buy gold or silver jewellery, utensils and kitchenware. There is gloomy atmosphere in almost all the outlets as people didn’t turn up as expected,” the trader’s body said in a press release, adding that market observers said that it is perhaps the most disappointing festival day in the last 10 years.

Pankaj Arora, head of the jewellery committee of CAIT said that gold and silver trade record low on Friday with an unprecedented 35%-40% decline in sales. He added that the bare minimum sale of these goods were “namesake purchases” on account of Dhanteras.

CAIT president B C Bhartia attacked e-retailers for “unethical business practices”, which he said had wrecked retail trade. Coupled with a liquidity crunch, Diwali held no meaning for traders this year, he said. 

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