IBJA Secretary Surendra Mehta said, “Reports coming from all parts of the country as well as Zaveri Bazar indicate that the number of people since the opening of the shops from 11 am onwards has been quite encouraging. It climbed, it accelerated.”
Dhanteras is an auspicious occasion to buy gold and jewellery.
Gold is about 6% cheaper than on Dhanteras last year, encouraging people to buy the precious metal. The increase in brightness has led to an increase in stock prices, despite the recent decline still bullish.
The trade had expected strong demand and supply of gold ahead of the festive season. Gold imports rose to $24 billion in the April-September period, nearly four times of $6.8 billion in the same period last year, according to commerce ministry data released on Monday.
Last year on Dhanteras day, the price of gold was around Rs 51,500 per 10 grams, while this year the price is around Rs 47,904 per 10 grams. Ahmed MP, Chairman, Malabar Gold & Diamonds said, “Today we are witnessing a significant increase in the number of customers in our stores as well as a renewed enthusiasm amongst the retail customers and we expect a 30% increase in the sales volume. are doing.”
Several factors combine to strengthen the sentiment.
Ajay Chawla, CEO, Jewelery Division, Titan Company, said, “Slack in demand, festive atmosphere and wedding shopping are all converging to create a boom in both the gold and diamond categories.” Diwali And hopefully beyond the wedding season.”
The jewelers said that people want to celebrate Dhanteras as they want to avoid the worry of Kovid and the personal loss that they may have to bear.
Suvankar Sen, CEO, Senco Gold & Diamonds said, “The trend of jewelery buying this year has been to live longer. After two years of mental worries and challenges, customers are looking to spend and invest in jewelery for happiness and wealth creation. Huh.” “We have seen large necklace pieces in gold or diamonds and statement pieces of bangles, earrings and rings sold out.”
Sen said sales are expected to return to pre-Covid levels, with a growth of 15-20% from last year.
In Tier II and Tier III cities too, jewelers’ sales remained strong. Vaibhav Saraf, Director, Aishpra Gems & Jewels said, “Compared to last year’s Dhanteras, we are on track to grow 30% in terms of sales across all outlets.” There are outlets in Gorakhpur, Ballia and Lucknow. “We have seen good customer demand in all our stores since morning.”