A drop in the prices of precious metals coupled with attractive offers and discounts is set to bring the zing back to jewellery sales this Dhanteras on Friday.
Dhanteras is considered an auspicious day in the Indian calendar to buy bullion with the belief of bringing in prosperity. Depending on the income, citizens invest in everything from kitchen essentials to electronic or white goods on this day. However, the charm remains in purchasing gold and silver coins, biscuits or jewellery.
Describing the industry mood this year, Amit Modak, commodity expert at the city-based P N Gadgil and Sons, said, “We are expecting a good turnout as the customer confidence in jewellery is back. Nowadays, people prefer to buy light-weight every day kind of jewellery that is easy to wear. The festive season also heralds the wedding rush, which is expected to boost sales of traditional heavy items too. Now, people are now showing a keen interest in diamonds too and with an inclination to invest in pendants, earrings and even bracelets.”
Sales have been on the upswing since Navaratra, revealed Vastupal Ranka of Ranka Jewellers who too is expecting a good turnout on Friday. “Not only have the prices of gold dropped, but so have those of platinum too. With the good monsoon and complete clarity on government policies and taxes, people are again looking at jewellery as an investment option,” he said.
Jewellers said it is the right time to buy gold as the prices are expected to pick up in the coming days. “The rates are attractive now to invest in gold considering the prices will pick up in the coming days owing to global conditions. Diamonds, too are preferable, as the prices haven’t shot up since last couple of years. The current retail scenario is buzzing with discounts and promotions. Further, rains have also been good this year and the 7th pay commission salary hike will lead to more retail consumption. We are expecting an elongated wedding season and hope to see good sales this Diwali,” Saurabh Gadgil, chairman and managing director of PNG Jewellers and director of the India Bullion And Jewellers Association Ltd (IBJA), said.
Aundh resident Sonali Chimte has already selected the diamond pendant she wants to buy on the auspicious day. She said, “As a tradition, we always buy something precious on Dhanteras as it is believed to bring luck and prosperity. I have pre-selected what I am going to buy on Friday, I will just quickly go to the shop and conclude the purchase. There is too much rush of customers in all shops on this day and I hope to beat the crowd.”