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Dhanteras Dhamaka! Jewellery sales surge, brings cheer to trade and industry

Jewellery stores across Mumbai witnessed a huge rush on Friday, on the occasion of Dhanteras. There was a lot of demand for gold and silver to diamond, gemstones and other items. Crowd swelled by the hour, bringing smiles on to the face of jewellery shop owners, who feel business may surpass last year’s Dhanteras.

The Dhanteras purchase of gold and silver gathered pace from the second half on November 10, with traders and retailers expecting sales volumes to increase by up to 20 per cent over last year due to the softening prices from the recent peak.

About 60 per cent of gold sales on Dhanteras are from south and west India, while the rest from the eastern and northern regions.. Organised jewellery retailing has risen by 10 per cent to 40 per cent in the last one year.

Increased footfall at stores, brisk sales online and relatively softer gold prices compared to the peak of Rs 63,000 per 10 grams level ten days back spurred increased buying, especially lightweight offerings. Gold prices have fallen by Rs 800-1,500 per 10 grams (24 carats) from the peak Rs 63,000 level on October 28. The gold prices were ruling at Rs 61,200 per 10 grams in the national capital on November 10. The rates were Rs 50,139 per ten grams, excluding taxes, on Dhanteras last year.

"Gold prices are in favour of business. We are positive about good sales today

. We are receiving positive response from consumers and footfalls are gradually increasing,” said Dinesh Jain- Director GJC.

"Thankfully, gold prices have somewhat stabilised over the past few days, and we are pushing for double-digit growth,"

Ajoy Chawla, CEO of jewellery division at Titan said. "Initially there was some nervousness, but it looks positive as we head towards the close of the day."

Arun Narayan, VP at Tanishq (Titan company), said that schemes a day when they book a jewellery to the day of delivery have also drawn in a lot of consumers.

Overall sentiment was very positive and despite the challenges of high prices and global uncertainty, Indian consumers continued to show faith in gold and diamond jewellery, as they enthusiastically celebrate Dhanteras. We have seen an overall growth of 10-12% in terms of value. Due to the higher gold price and recent fluctuations in its prices, volume growth has been in low single digits, while value growth has been in low double digits.”

said Suvankar Sen, MD & CEO - Senco Gold & Diamonds.

Dhanteras 2023 has been a bumper Dhanteras as predicted. Today’s gold rate is the lowest in 3 weeks and that has played an important role in bringing customers to the store. We have seen huge crowds coming in since early morning at our stores across Maharashtra, from Tier 1 to tier 3 cities and towns to pick up deliveries for pre-bookings as well as make token purchases. A lot of people are celebrating Dhanteras till tomorrow afternoon, and thereafter is Laxmi Pujan so we are expecting continued surge in demand over the next 5 days of Diwali. The main categories driving sales today are gold (85%), silver (5%), and diamond jewellery (10%)”,

said Dr. Saurabh Gadgil, CMD- PNG Jewellers.

By the end of tonight, over all gold consumption will cross 40 tonnes in India as per information we are receiving from all over, out of which, nearly 8-10 tonnes will be consumed in Maharashtra alone. PNG Jewellers has already crossed 20% increased sales in quantity terms and about 30 % in value terms since last Dhanteras marking a huge jump. These numbers will continue to rise over the next 5 days”, added Dr. Saurabh Gadgil.

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