Gold sales soar, rise by ₹175cr since Dussehra

GOLD SALE WORTH ₹450 CRORE WAS RECORDED ON DHANTERAS, THE FIRST DAY OF DIWALI

MUMBAI:AFTER a lacklustre Dussehra, the gold trade in Maharashtra saw an upsurge on Dhanteras, the first day of Diwali which was observed on Monday this year. According to figures released by the Jewellers Association, there was an increase in gold sales by around ₹175 crore.

Bullion sale worth ₹450 crore was recorded on Dhanteras, compared to sales worth ₹275 crore on Dussehra, said Aditya Pethe, director, Waman Hari Pethe Jewellers. “There was a lot of enthusiasm among the buyers. This indicates that consumers are still making purchases on auspicious occasions. Many consumers are opting for lightweight jewellery, which can be worn easily and regularly,”he said.

According to Kumar Jain, vice president, Mumbai Jewellers Association, one of the major reasons for the increase in sales during Dhanteras is the upcoming wedding season. “November and December is generally considered as wedding season. Hence, the rise in gold sales may be attributed to this. Indians generally do not compromise with gold during the weddings,” Jain said.

“Many bought gold on Dhanteras since it is considered an auspicious occasion,” he added.

Moreover, jewellers also recorded high sales of small gold and silver coins, weighing one, two and five grams.

“We did not expect to get such good business on Dhanteras, as Dussehra sales were not that high. There were sales in both heavy as well as light jewellery,” said Pankaj Kothari, owner, Palak Jewellers.

Maharashtra records an average gold sale of ₹175 crore daily, which peaks to ₹350-400 crore during special occasions such as Dhanteras, Diwali and Dussehra. Gold plays an important role for Indians.

India has the largest market for gold trade and is the world’s second-largest gold importer. Four festive days — Gudi Padwa, Akshay Tritiya, Dussehra and Dhanteras — are considered especially auspicious to purchase gold.