New Delhi: Dhanteras is considered as an auspicious occasion for buying gold in India. This time notwithstanding the Covid-19 pandemic impact, gold sell can break previous 40 years’ record, News18 reported quoting Indian Bullion Jewelers Association (IBJA). IBJA has predicted that people will spend on purchasing gold from small shops at villages to luxurious showrooms in big cities, the report says.Also Read - Men's World Boxing: Rohit Mor, Akash to Begin India's Campaign Today
According to IBJA official, gold sell during the Dhanteras can break the four-decade old record because people have not spent much in travel in the last 18 months. Apart from this, lavish spending on ritual gathering was also rare and people have done savings. Since, the Covid impact is likely to remain lesser, people may spend more on gold, the News18 report says. Also Read - Bigg Boss 15: Not Vidhi Pandya But Simba Nagpal Should Have Been Eliminated | India.com Twitter Poll
Recently, ad-trade platform Aroscop has conducted pan-India studies to ascertain demand and willingness to purchase products. When asked about their willingness to purchase gold, 55 per cent of the respondents stated that they are looking forward to buying gold and gold jewelry in the upcoming festive season. Around 37 per cent participants said the auspicious occasion Dhanteras would be their primary reason for buying gold, as per a PTI report. Also Read - Cryptocurrency Investment During Diwali: 5 Big Benefits You Can Avail
Meanwhile, e-commerce giants Amazon has come up with offers and discounts on gold and silver coins and jewellery ahead of Diwali and Dhanteras. Meanwhile, in a departure from tradition of buying physical gold in Diwali and Dhanteras, this year people can invest in digital gold. You can start investment for as low as Rs 1. Payment platform BharatPe has introduced the offer in association with Safegold.
From industry perspective, major uptick in sell will bring relief to the jewellery market which has largely been hit by the Covid pandemic due to poor demand. During Dhanteras and Diwali customers usually have more interests in buying wearable jewellery. Some also buy utensils.
IBJA had said that the sale of gold in 2020 on the occasion of Dhanteras was 30 per cent more than the previous year. People bought gold worth a staggering Rs 20,000 crore during the festival in 2020, it said, IANS reported.