The credit crunch and economic downturn have affected Diwali festivities in the UK, with less gold and jewellery being bought for the occasion by people of Indian origin compared to previous years.
The festivities in Britain are said to be the largest outside India and in Leicester, a focal point of Asian cultural and business activity, the diwali lights along Belgrave Road were switched on this year by Lord Mayor Manjula Sood. The road is also known as the Golden Mile due to a large number of shops selling gold and jewellery, mainly to an Asian clientele.
However this year, the shops have recorded around a 50 per cent drop in sales. Local trader Alpesh Dana said: "We noticed the recession about eight months ago and I think our trade has been down this year by at least 50 per cent."
According to local residents, the festivities this year will be of a low key nature as a result of the credit crunch and people losing their jobs .
Credit crunch hits jewellery sales for Diwali festivities in Britain
Tue, 14 Oct 2008
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