Silver prices skid by Rs 2,000 in local market
   Date :15-Jan-2020

Silver prices skid by Rs
Business Bureau :
SILVER prices slipped from Rs 49,000 per kg to Rs 47,000 on Tuesday at the local jewellery market. During the Sankranti festival, the demand for the silver items multiplies as it is tradition among the ladies to distribute ‘Wan’ (gift articles) to their relatives and friends. However, sources said that the footfall at the jewellery shops was not upto the satisfactory level. Kishore Dharashivkar, President of Nagpur Sarafa Association and Team CAIT Nagpur said, “It is difficult to predict the jewellery market at present. People generally wait and watch when the market is volatile.” According to him, the reason for the market is unpredictable due to international crisis.
“Though tension between Iraq, Iran and America has not been quelled. The prices of the precious metals are fluctuating daily and no one can predict when the market will be stable,” Dharashivkar said. He said that it was a temporary situation and may change with passage of time. Pankaj Kumar Bakhai, former Treasurer of Nagpur Sarafa Association said, due to inflation the budget of the people especially of housewives has changed. “People are postponing to buy jewellery.
They are looking other options for cheaper alternatives. During Sankranti for ‘Wan’ items, ladies used to distribute silver items in large numbers. However, the scenario has changed. Now they are purchasing other items in lieu of silver. According to Bakhai, the demand is less for silver items although the prices have dropped to some level. Pradeep Kothari, Director of GJC and Karan Kothari Jewellers said, “Demand for ‘Wan’ items such as pooja items, plates of silver, artefacts, idols of good, cup and small bowls of various sizes, silver glass, spoons of various sizes is always there.”
The demand for ‘Wan’ articles is good. “Even the purchasing for the marriage season has been started and silver items are there in the list of marriage,” he said. He said, “There is a custom of giving ‘Til Gul’ in the silver bowl to prospective in-laws as a mark of first ‘Til Sankrant. So the demand for silver items will always be there,” Kothari said.