Gold sales across the country on Dhanteras day rose by up to 30 per cent compared to selling on this auspicious day last year, proving wrong naysayers who had forecast that many would desist from buying the precious metal this festival season because fears of recession looms large. Jewellers attributed the rise in sales to two favourable aspects of the metal. Gold sells more at times of crisis as investors as well as retail buyers prefer to park their money in the precious metal.
They further said prices are supportive now. Rates have come down sharply from levels of over Rs 13,000 per 10 gram to Rs 12,000 now.
"We did good business on Dhanteras day yesterday as gold rates were favourable and sales went up by 25-30 per cent," said Haresh Soni of Premji Valji Jewellers, which has retail presence in Rajkot (Gujarat) and Gurgaon.
He, however, said people preferred buying raw materials like coins and lower priced items such as rings and earrings.
All India Gems and Jewellery Association Chairman Ashok Minawala said there was a big turnaround in gold sales during this festive season across the country.
"About 5-6 tonnes must have been sold on Dhanteras day itself," he said, adding that in the last 25 days about 60 tonnes of metal must have been sold.
A jeweller from Kolkata said sales were brisk on this day. Braj Raj of Nemchand Jewellers said there was a 10 per cent rise in sales and people bought jewelleries from low to mid range price segment. "This year attractive gold price encouraged people to go for diamond and gold jewellery like bangles and rings."
Many buy gold on Dhanteras day, as it is believed that purchasing the precious metal on this occasion brings in eternal prosperity and wealth to the family.
