Jewellers cautiously optimistic about gold demand this Dhanteras; expect 10pc rise in sale
Jewellers are cautiously optimistic about gold demand on the Dhanteras day on Friday and expect a 10 per cent increase in gold jewellery and bullion sales amid a sharp rise in gold prices in view of geopolitical developments. Gold prices have shot up by more than 20 per cent since last Dhanteras to nearly Rs 61,000 per ten grams. Gold prices in Delhi were ruling at Rs 50,139 per ten grams, excluding taxes, on last year's Dhanteras, while at Rs 47,644 on 2021 Dhanteras festival.
Dhanteras is regarded as the most auspicious occasion in the Hindu calendar for buying items like precious metals, utensils and other valuables. Many people also buy vehicles. In normal years, about 20-30 tonnes of gold is sold on a Dhanteras day.
«There is an 8-10 per cent annual rise in gold prices. And people have accepted the base price of gold at Rs 58,000 per ten grams. We are expecting 10 per cent increase in sales volume this Dhanteras from over the last year,» All India Gems and Jewellery Domestic Council Chairman Saiyam Mehra told PTI.
Consumers have pre-booked for delivery on Dhanteras day taking advantage of discounts in making charges offered by several jewellers, he said.
However, World Gold Council (WGC) India Regional CEO Somasundaram PR said, «Jewellers are cautiously optimistic although consumer sentiments remain positive. The high price of gold will be a significant dampener on Dhanteras.».
There will be a token buying and huge demand for bars and coins. Total Dhanteras sales are unlikely to see the level achieved in 2021 and 2022, he said.
Whereas jewellery retailer Joyalukkas, which has 100 stores in India, is expecting a 25 per cent increase in gold jewellery sales this time.
