The auspicious occasion of Dhanteras brought significant business for city jewellers on Friday, with overall sales estimated to be much higher than last year. This, even as gold has gained nearly 20 per cent over its value on Dhanteras last year.
“Business would at least be 50 per cent more than what we saw last year, and we are estimating total sales to be around Rs. 500 crore,” Kumar Jain, vice-president, Mumbai Jewellers Association, said. Gold was trading at Rs. 30,400 per 10 grams on Friday, higher than the Rs. 25,400 price recorded last year on Dhanteras.
Interestingly, jewellers in Zaveri Bazaar, the country’s largest gold market, took special permission from Mumbai Police to keep their shops open till midnight on Friday. “As per the Hindu calendar, the period between 9 p.m. and 12 a.m. on Friday is most auspicious for buying gold. We received calls from many buyers as well, so we sought special permission from the police for security,” Mr. Jain said.
While most of the gold sold has been as jewellery, the trend of buying gold for investment in coins and bars has also been picking up in the last few years. Mr. Jain said there has been a drastic rise in diamond jewellery sales, and customer preference has shifted from gold bars to diamond jewellery.
Ramesh Kalyanaraman, executive director, Kalyan Jewellers, said, “Advance booking for jewellery is up by 20-25 per cent compared to last year. The update on sales figures will be known in the evening. Prices are lower compared to the last two months, but are more or less stable now. Demand has revived in view of the good monsoon.”
P.C. Jewellers MD Balram Garg said, “We are expecting a 20 per cent jump in volume and 30 per cent in value terms as prices have gone up in the last one year,” adding this was a conservative estimate and sales could cross this level.
Samir Sagar, director of city-based Manubhai Jewellers, said, “We are excited about the festive rush and are expecting above-average footfall at our store, with a healthy 25-30 per cent jump in sales of gold jewellery, compared to last year.” —With PTI inputs
