NEW DELHI: The arrival of Dhanteras has marked the onset of the auspicious festival of Diwali, with people expecting a boost to the economy. Though the day began on a slow note, jewelers expect the customer flow to pick up and sales to increase even amid the high gold price which is likely to dampen the festive demand for the shining yellow metal.
Saiyam Mehra, All India Gem And Jewellery Domestic Council chairman, told PTI, “Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening,”
He also noted that the current high gold prices will impact sales volume, predicting that this traditionally auspicious day for purchasing precious metals and gold and silver jewelry will either see business decline by 5 percent as compared to last year or remain consistent with last year’s figures.
“We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales,” he added.
On Monday, gold prices saw a Rs 400 fall to Rs 81,100 per 10 grams. The precious metals with 99.9 percent and 99.5 percent purity reached their all-time highs of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday.
Silver, however remained constant at Rs 99,500 per kg.
Saurabh Gadgil, chairman and managing director of PN Gadgil Jewellers, echoed these sentiments, noting that this year the festival extends through Wednesday afternoon, providing jewelers with a broader opportunity to conduct business.
“The day has begun on expected lines with few footfalls. We are expecting the rush to begin from the afternoon till late at night. As Dhanteras has spilled over to Wednesday afternoon, we are expecting to do well in terms of value. The booking order looks strong,” he said.
Though he added that the sales might be a little lower, volume wise as compared to last year.
Suvankar Sen, MD and CEO of Senco Gold and Diamonds, also mentioned that there was a significant rush over the weekend, and the industry anticipates this trend to continue into Dhanteras.
“People have begun visiting jewellery stores, but we expect the rush to begin from afternoon onwards as it is a weekday. The store will remain open till late at night on Tuesday… We have a wider window to do business this year,” he stated.
