With the wedding and festival season on, the jewellers this year are expecting jewellery sales back on track. The continued weakness in gold prices is likely to boost jewellery sales up to 40 per cent this festive season, according to retailers.
Dhanteras marks the first day of five-days-long Diwali Festival and now just few days are left for the celebrations to begin, sellers are expecting a boost in bussiness. Dhanteras Festival, also known as Dhantrayodashi or Dhanwantari Triodasi, falls on the auspicious thirteenth lunar day of Krishna Paksha in the Hindu month of Kartik (October/November). In the word Dhanteras, Dhan stands for wealth. On Dhanteras Goddess Laxmi is worshiped to provide prosperity and well being. Hence Dhan Teras holds a lot more significance for the business community and much to the delight of the jewellers, consumers are making a scramble for gold in the build-up to Diwali on 23rd October.
With a decline in the gold prices the demand and sales may raise up to 40 per cent on this Dhanteras a day considered auspicious for gold-buying by the Hindus, say jewellers.
[box type=”info” fontsize=”14″ radius=”15″]”We expect the sales to grow by 40-45 per cent this Dhanteras. The peak marriage season is immediately after Diwali,” says famous Hari Jeweller. However, in terms of volume the growth is expected to be just 10 per cent, as people will go more for light weight jewellery, he said, adding that demand for coins is very strong and has grown to 40-45 per cent year-on-year. Sumit Sharma, a gold smith said, “With a decline in the gold prices, gold jewellery is in high demand these days. Customers are busy booking gold sets, bangles, etc. Moreover, many people are buying gold jewellery for the upcoming wedding season, anticipating future rise in the price. The purchase of gold coins is also growing rapidly as it is a best gifting option.” Gold price on weekend was at Rs 31,500 per 10 gms but now it has come down to Rs. 26,500. Also, the discount offers by jewellers would fuel the demand of gold further, he added. Another jeweler in Jammu, Vardhman Jeweller, said, “If gold remains at the current price, the jewellery sales will definitely surge as people are also buying for the marriage season and this year we are expecting at least 40-50 per cent growth.”[/box]
“As an investment, the yellow metal continues to command long term value, a tag for being a safe haven, hedge against inflation and asset allocation, etc,” a housewife, Naini Sharma said. She added that it’s an old tradition to buy any precious metal on Dhanteras and as we all know gold is the first choice of every woman.
—>Malu Kerni