#TrendingNow: India Sees Strong Gold, Jewellery Sales on Dhanteras
Dhanteras saw strong sales of gold, jewellery, and coins this year, The Economic Times quoted data from jewellers on Sunday.
“Given the sales performance of the two-day festival (Saturday and Sunday), the industry expects up to 35 per cent growth in business this year over last year,” the report stated.
“Sunday’s Gold Prices were at Rs 50,139 per 10 grams in Delhi”
Dhanteras is regarded as one of the most auspicious days to purchase precious metals, utensils among other valuables, according to the Hindu calendar.
“Sunday’s gold prices were at Rs 50,139 per 10 grams, excluding taxes, in Delhi — higher than the Rs 47,644 on last year’s Dhanteras,” the ET report mentioned.
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“We Expect 25-30% Increase in Sale Volume”
Dhanteras falling on weekends helped boost sales, Maharashtra-based PNG Jewellers chairman and managing director Saurabh Gadgil said. “We expect a 25-30 per cent increase in sale volume from over the last year”, he said. This year, 80 per cent of sales were jewellery and the rest bullion, he added.
Ashish Pethe, All India Gem And Jewellery Domestic Council chairman, told PTI, “The response has been very good since Saturday as overall the market has been buoyant across the country. …We expect a 10-15 per cent increase in sales from the 2021 level on strong pent up demand after the pandemic”.
“Extraordinary demand and sales were reported so far. We expect a 30-35 per cent increase in sales volumes and a 40-45 per cent rise in value terms during the two-day festival,” according to PM Shah Jewellers MD Dinesh Jain, as per the ET report.
Dhanteras sales this year were better by 15-25 per cent than last year, World Gold Council Regional CEO, India, Somasundaram PR, told PTI, as per the ET report. He added: “Though it is difficult to estimate demand on a particular day, from industry accounts, it appears that Navratri followed by Dhanteras has heralded a period of high demand and this should be reflected in other metrics in the next few weeks”.
Disclaimer
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