BHUBANESWAR/ BENGALURU: Despite higher gold prices and weak sentiment amidst an ongoing stock market correction, gold and jewellery sales are estimated to have gone up by 10 per cent on ‘Dhanteras’, considered an auspicious day to buy precious metal. While jewellers in New Delhi did not see much traction early in the day, footfall improved in the evening. “Compared to last year, we saw around 7-8 per cent rise in sales,” said multiple shopkeepers.
In Bengaluru, however, sales were not very robust as Dhanteras is mainly celebrated in the northern regions. “Sales have been steady from the weekend. No increase. About 300 people visited today and we did Rs 1.1 crore business,” said a Kalyan Jewellers representative at its Malleswaram outlet in Bengaluru.
Others like Kishan Gupta, director at Lalchand Jewellers (Odisha), however, say that sales have been strong over the weekend. “We have seen a 10 per cent increase compared to last year.” Online jewellery store Senco Gold & Diamond said it has recorded a fourfold jump in traction.
All India Gems and Jewellery Trade Federation chairman Nitin Khandelwal added that while some parts reported a 5-6 per cent fall in sales, some have reported a 8-10 per cent pickup. “Overall sales are up by 7-8 per cent, which is more than our expectations, as some previous reports had estimated a 20-25 per cent fall. Demand also revived on reports of a further rise in gold rates in the coming weeks due to a weak rupee,” Khandelwal said. Gold prices stood at Rs 32,690 per 10 grams in Delhi on Monday against Rs 30,710 per 10 gram on Dhanteras day last year.
Platinum Shining
Platinum and diamond sales this year have grown at a faster pace than gold this Dhanteras, with jewellers like Mitesh Khimji saying that diamond sales have gone up by 20 per cent and platinum by 30 per cent, compared to around 10 per cent for gold. The trend, according to some, is because customers this year are going for ornaments which they can wear.
(With inputs Arshad Khan)