NEW DELHI: On Friday, the city’s jewellers hope to make a recovery in their business, hit for six months by the Covid-19 pandemic. Buoyed by the increasing footfall in markets in recent days, gold and silver sellers are hedging their bets on Dhanteras to record at least 75% of last year’s sales on the auspicious day.
Yogesh Singhal, president, Bullion and Jewellers Association, said that the situation in the jewellery hub of Kucha Mahajani in Chandni Chowk was relatively better. “There has been a gradual growth in both footfall and sales from the beginning of this month despite the uncertainties caused by Covid,” Singhal said. “Purchasing gold during the Dhanteras is considered to bring good fortune, so we expect people buy gold and silver items in the two days. We expect sales to be 70-75% of last year’s Dhanteras business.”
The recent crash in silver and gold prices will also help beef up demand, say traders. With gold price already hovering at a high of around Rs 52,000 for 10 grams, jewellers are promoting lowweight hallmark items. Ram Gopal Khandelwal, wholesale jeweller at Kucha Mahajani, said, “In the last two days, gold prices came down by Rs 1,500 per 10 gram and silver by Rs 5,000 per kilo. This will motivate customers. We have introduced varieties of low weight jewelleries so people can accommodate them in their budgets.”
Since the festival will be followed by the wedding season, Dhanteras is an occasion for advance jewellery shopping too. Nitin Garg, wholesaler for antique jewellery on Bank Street in Karol Bagh, said customers and north Indian jewellers have already started placing orders for the wedding season and the demand on Dhanteras is expected to rise. “After a lull period, we see vivacity returning in our trade,” said Garg. “Though antique items are usually heavy, people do buy them on Dhanteras. To be on the safe side we are making them in low weight too.”
To make the markets safer for visitors, jewellers’ associations are taking measures such as engaging workers for disinfecting public areas and free distribution of face masks at the outlets. “We are already testing the body temperature of our customers, offering them masks and even pointing out when they don’t maintain physical distancing,” said Singhal. “The shop workers and our suppliers have all been asked to follow guidelines. The local police are also booking violators of norms and keeping a strict vigil.”