Dhanteras has started slowly, with jewellers anticipating an increase in foot traffic and sales, even though high gold prices may dampen festive demand for the metal.
“Since it’s a weekday, we’re seeing fewer customers in the morning as people head to work. However, we expect the crowd to pick up from around 2 to 2:30 PM and continue into the evening,” said Saiyam Mehra, chairman of the All India Gem and Jewellery Domestic Council, in a statement to PTI.
He noted that volume sales could be affected by the current high gold prices, predicting that this Dhanteras could see business either 5% lower than last year or on par with it. Dhanteras is traditionally regarded as an auspicious occasion for buying gold and silver jewellery.
“We anticipate sales of about 20 tonnes this Dhanteras, similar to last year, although higher gold prices might impact those figures,” he added.
On Monday, gold prices in the national capital dropped by ₹400 to ₹81,100 per 10 grams. Gold with 99.9% and 99.5% purity had previously reached all-time highs of ₹81,500 and ₹81,100 per 10 grams, respectively, on Saturday. Meanwhile, silver prices remained steady at ₹99,500 per kg.
Echoing this view, Saurabh Gadgil, chairman and managing director of PN Gadgil Jewellers, stated that the festival extends until Wednesday afternoon, allowing jewellers more time to conduct business.
“The day has started as expected, with fewer customers initially. We anticipate a rush beginning in the afternoon and lasting into the night. With Dhanteras spilling into Wednesday, we expect to perform well in terms of sales value. Booking orders are looking strong,” he noted.
However, he also mentioned that sales volume might be slightly lower compared to last year.
Suvankar Sen, MD and CEO of Senco Gold and Diamonds, reported a good influx of customers over the weekend and is optimistic that this will continue on Dhanteras.
“People are starting to visit jewellery stores, but we expect the real rush to begin in the afternoon since it’s a weekday. Our stores will remain open late into the night on Tuesday, giving us more opportunities for business this year,” he added.
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