KOLKATA: The muted spirit amid the pandemic seems to be getting over for the jewellers in the city as sales of gold for
Dhanteras picked up from Thursday evening. Big-ticket purchases for the wedding season came as a relief for jewellers across the city.
Although the queue of cars in front of the jewellery showrooms in
Bowbazar and Gariahat was missing this year, footfall at the stores were higher than expected. Jewellers felt that the cumulative sales till Friday evening (Dhanteras crosses over to Friday 9.11pm this year) will remain at last year’s level in volume terms. On Thursday, buying started from 6.21pm when the ‘amrit yog’ or the auspicious time for Dhanteras began. “I feel this year’s Dhanteras is going to be a game changer amid the pandemic. Most of the jewellers are offering substantial discounts. People have also been waiting for prices to stabilize. Buying for the marriage season started on Thursday,” said Rupak Saha, zonal member of Gem and Jewellery Trade Council of India.
Gold prices in India touched the Rs 55,000-mark (per 10g) in August this year and gradually fell after that. On Thursday, gold prices were hovering around Rs 49,900.
Jewellery brand Tanishq felt that the drop in gold prices in the past few days have impacted gold buying decisions. “With the drop in gold rates in the last few days, we should see a very good Dhanteras this year,” said Arun Narayan, VP (category, marketing and retail) of Tanishq.
According to Suvankar Sen, CEO of Senco Gold and Diamonds, gold prices have substantially increased from last year’s Rs 3,900 (per gram) to Rs 4,900 this Dhanteras. “It definitely has proved its worth in terms of investment as well. We are 15% behind what we clocked around this time last year. With the given trend on Dhanteras we will make up for the deficit,” he said.
Uday Kumar Chandra, managing director of P C Chandra Jewellers, said people picked up diamond and platinum apart from gold this year. “There is indeed a positive response because people are braving the pandemic and turning up to buy. Coins are selling better than previous years,” he said.
According to Anargha Uttiya Chowdhury, partner of Anjali Jewellers, online sales are picking up as well. “Sales have been quite positive compared to Puja. The government’s decision to start trains and allow more public transport had a positive impact,” he said.
Siddharth Rupchand Sawansukha, owner of the Sawansukha Jewellers, felt that sales were at least 15% more than what they had expected earlier. “We have cut down on weight yet kept the look of the jewellery as elaborate as before. This has enticed the customers.”