HYDERABAD: All that glitters is usually gold on Dhanteras and with the festival spread over two days – Saturday and Sunday – this year, jewellers have their fingers crossed for adouble bonanza this year.
Though Saturday saw a slow start, footfalls improved from a trickle in the morning hours to a healthy flow by evening as gold enthusiasts flocked showrooms. “As Dhanteras got split between two days, it has created some confusion for customers. While we saw good prebookings, walk-in sales improved post 4pm.
With combined sales over Saturday and Sunday, we will be able to match last year’s bumper sales,” said Darshan Gupta, partner, Mangatrai Jewellers. “With this being the first ‘normal’ post-pandemic Diwali, the sentiment is upbeat and mood infectious.
The predominant sentiment is for gold during the festive period and this is supported by lower gold rates as compared to six months ago. We are seeing a good number of customers and a lot of traction for new collections with record sell,” said Ajoy Chawla, CEO (jewellery), Titan Company Ltd. Ramesh Kalyanaraman, executive director, Kalyan Jewellers said a Dhanteras was expected to result in positive consumer sentiment.
Jewellers pointed out that while western and northern region witnessed robust sales, sales in southern region are expected to peak on Sunday. Avinash Gupta, director, All India Gem & Jewellery Domestic Council, said the positive factor is that gold prices are hovering in the `5,100- 5,200 per gm (24K) range.
“Because of the Rupee devaluation, there is not much impact on prices in India. Globally interest rates have gone up, putting pressure on gold as bond market investments are more lucrative now,” he added. Somasundaram PR, CEOIndia, World Gold Council, the seasonal gold demand was poised to be strong on par with pre-Covid levels despite the year not having the benefit of a pent-up demand and higher savings during the lockdown.
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