Festival Of Dhanteras

MUMBAI: Dhanteras marks the start of the five-day festival of Diwali and it is believed that auspicious purchases made on this day bring more good fortune through the year. Keen to take advantage of the best pieces, women usually check out designs in advance of the festival and take delivery on this day.

Moderate bookings for gold were seen during the weekend preceding Monday's festival of Dhanteras. Jewellers across Mumbai reported mixed feelings on the season's outlook, with volumes falling although the value of each transaction rose.

"Owing to the steady rise in bullion rates, sales are lower in volume but higher by value. Bookings have reduced by up to 30% in some parts of Mumbai but because rates are high, each piece of jewellery commands a higher price,'' says Prithviraj Kothari, director, Bombay Bullion Association.

On Sunday, 24-carat gold cost Rs 27,000 per 10 gm, while individual jewellers were selling 22-carat jewellery for around Rs 25,000.

Interestingly, a minor fall in rates over the past few weeks has been sufficient to restore the confidence of Mumbaikars who consider it the best possible investment in a dipping economy. "People are geared up to believe that gold will continue to appreciate. Those who have weddings coming up or simply seek a good investment will buy on an auspicious day rather than later," said the owner of Arihant showroom, Lokhandwala Complex.

Like most goldsmiths who ply their trade in well-lit, crowded areas, the Dadar outlet of Antara Jewellers will keep its doors open beyond closing hour on Monday, perhaps till midnight. "Thanks to a small dip in bullion prices recently, we are seeing a better Diwali than last season. In fact, the purchasing power has been restored, with women opting for heavy ornaments," said manager Ketan Sangoi.

The pricey housing sector is steadily finding itself on the periphery of big ticket purchases. Sangoi pointed out that the investment climate in the country is attuned towards gold at this time. "People have burnt their fingers in the stock market and property is gradually slipping from reach. They are coming home to gold, as it were," he observed.

The automobile industry relies heavily on Diwali to shore up its bottomline as well. Rajesh Rupani, sales manager at Wasan Ford outlet in Chembur, was preparing to hand over new cars to at least 25 customers on Monday. He said, "Clients always pick their model and colour beforehand and opt to take the vehicle home on an auspicious mahurat like Dhanteras. One cannot buy a car off the shelf, for it takes time to process registration and insurance papers." This year, customers have had a considerable wait for cars owing to "availability issues".

Story about Dhanteras

Story about Dhanteras this day is of the sixteen year old son of King Hima. As per his horoscope he was doomed to die by a snake-bite on the fourth day of his marriage. On that particular fourth day of his marriage his young wife did not allow him to sleep. She laid all the ornaments and lots of gold and silver coins in a big heap at the entrance of her husband’s boudoir and lighted innumerable lamps all over the place. And she went on telling stories and singing songs. When Yam, the god of death arrived there in the guise of a serpent his eyes got blinded by that dazzle of those brilliant lights and he could not enter the prince’s chamber. So he climbed on top of the heap of the ornaments and coins and sat there whole night listening to the melodious songs. In the morning he quietly went away.

Thus the young wife saved her husband from the clutches of death. Since then this day of Dhanteras came to be known as the day of "YAMADEEPDAAN" and lamps are kept burning throughout the night in reverential adoration to Yam, the god of death.