CHENNAI: Dhanteras began on Thursday and the initial response of customers has the jewellery industry hoping for a better-than-expected festive sales season.
According to jewellers who spoke to this publication, customers seem to have shrugged off the pessimism and positive sentiment is beginning to rise.
Dhanteras is considered as among the most auspicious occasions in the Hindu calendar for big-ticket purchases, especially that of gold and silver.
Anantha Padmanaban, chairman of the All India Gem and Jewellery Domestic Council, said that the jewellery industry is extremely optimistic about Deepavali sales this year since demand has displayed steady momentum since Dusherra. Padmanaban said that the industry expects to reach almost 70 per cent of last year’s sales during the next few weeks.
“Gold prices are stable now and footfall in the jewellery stores has increased significantly. During Dusherra, the industry managed to reach 50-55 per cent of last year’s business and we are expecting a further boost of 20-25 per cent during Deepavali,” he said.
Jewellers also noted that while there has been good footfall since Thursday morning, since Dhanteras is being celebrated for two days (Thursday and Friday) this year, they would get a clearer picture of demand only by late Friday night.
The industry has also come up with attractive offers and schemes to attract customers this year.
“We have specially created gold coins for Dhanteras, but customers have been more interested in wearable jewellery,” pointed out C Vinod Hayagriv, managing director of C Krishniah Chetty Group of Jewellers.
“The per transaction sizes have grown more than last year. We are confident we will be close to last year’s Diwali sales figure,” he added.
Somasundaram PR, Managing Director-India, World Gold Council alsofeels online gold purchasing has also picked up and organised players in the industry will be benefitted more because of their “tech interface and better response to emerging buying behaviours, and digital gold platforms promoting micro savings and safe gold accumulations”.