All that glitters is gold for Bengaluru jewelers this Dhanteras

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Published on November 9, 2021 by

Jewelers in Bengaluru heaved a sigh of relief as Dhanteras pulled their sales up after moderate sales in the past few months.

Bengaluru: The pre-Diwali purchase of gold on Dhanteras led to jewelers witnessing a sharp hike in their sales. The auspicious occasion of Dhanteras, which fell on November 2 this year, is celebrated by people purchasing gold, silver and utensils as these are believed to be an embodiment of Goddess Lakshmi herself.

The sales of gold jewelry and coins increased by 35-40% in the city as compared to the festive period last year, bringing back cheer among jewelry stores. These stores had been going through a slump in their sales in the past few months due to Covid-influenced poor consumer demand. The footfall in their stores also rose by almost 40% as compared to last year.

According to Ashok Kumar, Deputy Manager, Sales and Service, Malabar Gold and Jewels, Dickenson Road branch, the crowd that they received in their store this year was much higher than last year, with their footfall ranging between 200-350 people between the ‘muhurat’ time of 5:30pm to 6:35 pm.

Prices of gold reduced by almost 18 percent, falling from from Rs. 59,500 in January this year to Rs. 48,560 on Dhanteras day for 10 grams of 24 karat gold. This, coupled with festive offers and discounts rolled out by jewelers further encouraged customers to throng stores in large numbers on this auspicious day.

Joyce C, a customer shopping at Jos Alukkas, said, “Today is Dhanteras, and we consider it to be an auspicious day, so I have bought gold bangles.”

According to the Confederation of All India Traders, gold sales across the country touched 75 thousand crore rupees with almost 15 tonnes of gold being sold, a 20% increase as compared to last year.

Mr.Sanoj, store manager at Jos Alukkas, Dickenson Road branch said that the store had been receiving a good footfall not only on Dhanteras, but also on the days that lead up to the occasion. He said, “Before Covid sales were good, they became little slow during Covid, and now sales are good again. Gold prices are also good now so business is good.” He said that they have been able to achieve the Dhanteras targets that were set by the store.

According to Mr. Srinivasan, store manager at Kalyan Jewels, people are buying lightweight jewelry such as bangles, earrings, and rings rather than the traditionally purchased coins and bars. In addition to buying physical gold, people are also holding gold virtually through sovereign gold bonds and gold ETFs to diversify their investment portfolio.

Diwali also marks the beginning of the wedding season; hence jewelers are optimistic about sales figures rising further.

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