Ahead of Diwali, Dhanteras Boosts Gold Sale, Jewellery Business

Diwali 2021: All India Gem and Jewellery Domestic Council Chairman Ashish Pethe said: "This year, gold sales are expected 15-20 per cent above pre-pandemic levels (2019)," according to an IANS report.

Updated: November 3, 2021 10:48 AM IST

By India.com Business Desk | Edited by Debjit Sinha

Diwali 2021 Dhanteras Gold Sale
The India Bullion and Jewellers Association (IBJA) said that sale of gold on Dhanteras across the country this year was about 50 tonnes, valued at over Rs 20,000 crore, the IANS report says. (Image Courtesy IANS)

New Delhi: On the auspicious occasion of Dhanteras, gold sales have received a much-required boost, as per an IANS report. The upcoming wedding season also provided a boost to the precious metal’s sales. Dhanteras festival marks the first day of Diwali celebrations.

Also Read:

Dhanteras 2021 Gold Sale

  • All India Gem and Jewellery Domestic Council Chairman Ashish Pethe said: “This year, gold sales are expected 15-20 per cent above pre-pandemic levels (2019),” according to an IANS report.
  • The India Bullion and Jewellers Association (IBJA) said that sale of gold on Dhanteras across the country this year was about 50 tonnes, valued at over Rs 20,000 crore, the IANS report says.
  • IBJA’s data showed that the average price of gold of 24-carat purity (999 purity) on Tuesday was over Rs 49,000 per 10 grams (with GST) which was lower than last year’s price of around Rs 55,000 per 10 grams (with GST).
  • As per IBJA, in Dhanteras 2021, gold sales are expected to be around Rs 20,000 crore, while it was Rs 12,000 crore in 2019.
  • “There has been a tremendous demand for gold this Dhanteras, as buyers have regained their confidence in gold. It seems that buyers have increased the share of gold in their investment portfolios,” IBJA’s national Secretary Surendra Mehta told IANS.
  • “Furthermore, the mandatory hallmarking as well as digital gold for gifting purposes have also boosted sales. We also saw a younger customer base this year,” he said.

Jewellers across the country echoed similar sentiments

Uttar Pradesh-based Aisshpra Gems & Jewels Director Vaibhav Saraf said: “We had already achieved 40 per cent targets by 2 p.m., and compared to last years’ Dhanteras, we are on track to grow by 30 per cent in terms of sales across all outlets,” the IANS report said.

Mumbai-based Anmol Jewellers’ founder Ishu Datwani said: “The build-up has been pretty good today since morning – and we have been seeing a steady stream of clients. The good thing is that all the walk-ins are genuine buyers and not window shoppers,” according to IANS report.

Gujarat and Mumbai-based Pooja Diamonds Director Shrey Mehta said: “Since the last 2 months, we are seeing pre-bookings and an increase in footfall. Today, a lot of people are here to collect deliveries and also make the customary purchase of Dhanteras and are gearing up for the wedding season,” the IANS report said.

Tanya Rastogi, Director, Lala Jugal Kishore Jewellers & IBJA, Uttar Pradesh, said: “The specific demographic of 25 to 35 years, for which our industry used to compete with the latest gadgets like the new iPhone or Smart TV, they are adventuring into daily, work-wear jewellery instead as they too have learned the value of holding gold as a safe haven asset,” according to IANS report.

For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.

Published Date: November 3, 2021 10:44 AM IST

Updated Date: November 3, 2021 10:48 AM IST