This Diwali, gold sales may cross Rs. 75-crore mark
This boost in demand is fuelled by a wish to use the small correction in gold prices as a buying opportunity. Re-election of Barrack Obama has also added glitter to the gold tradepatna Updated: Nov 08, 2012 16:34 IST
Despite an unprecedented upswing in gold prices, leading jewellers of Patna are hoping for a ‘golden harvest’, this Dhanteras. And, they are expecting the sales figure to comfortably cross the whopping Rs. 75 crore-mark - for the first time - as eager customers have started flocking to their shops.
This boost in demand, jewellers say, is fuelled by the desire to use the small correction in gold prices as a buying opportunity. “The re-election of US president Barrack Obama has also lifted the clouds of doubt over the direction in which gold prices are heading. The news has come in just at the right time to add glitter to the gold trade,” said Sanjay Keshri of Raj Ratna, adding ‘we are advising our customers to ride the trend.’
Fear of possible rise in gold prices in future keeping in mind the earlier trend, rather than the thought of ushering in good luck, is also forcing families to buy jewellery ahead of the marriage season. “I made it a point to book my jewellery purchase today because gold prices are likely to resume an uptrend. I will take delivery on Dhanteras,” Abhilasha Tomar, a 26-year-old shopper, said.
City jewellers agree that enquiries for purchases have registered a sharp spike with many customers already booking gold jewellery and other bullion products of their choice ahead of the most auspicious gold purchasing occasion, for taking delivery on November 11 and avoid any rush.
No wonder, with the auspicious day for the purchase of precious metal less than a week away, jewellery shops are getting decked up to welcome the rush of prospective buyers. Also, the stocks have been replenished and put on proper display. “The trend is changing and people are looking for fusion of antique and modern, theme-based designs, zodiac sign jewellery with real stones, etc,” said Keshri, adding ‘bangles and long earrings (danglers) are the latest fad.”
Jewellers are also offering discounts and other freebies to provide further traction to the ongoing sales. The standard Diwali offers by Hira Panna, Raj Ratna and Guinea - The Hallmark Jewellers, include a waiver of 100% making charge on certified diamond jewellery and 50% off on making charge for Hallmark gold jewellery.
While Sevika Jewellers is offering a flat discount on all certified diamond ornaments and full waiver of making charge on Hallmark jewellery, Roop Alankar Jewellers has decided not to press for making charge on gold ornaments till Diwali. Alankar Jewellers, in addition to the standard scheme, is offering free gold coins on the purchase of diamond jewellery, while Guinea is offering 15% discount on designer watches and an opportunity to participate in a mega draw for Maruti Alto 800.
Then, there are some like the Shyam Jewellers, which has decided not to indulge in any discount scheme but rely on quality and range to drive sales this season. “We believe that in the ultimate analysis, customers want variety, exclusive designs and quality coupled with genuine rates which have no hidden charges. This will boost customer confidence and result in greater customer satisfaction and sales,” said Sunil Kumar of Shyam Jewellers.
The fact that customers, who had deferred their purchases, are now visiting the market is a cause for optimism for bullion traders.
“Our Dussehra sales were good compared to last year. We are expecting 15% increase in volume and more than 25% rise in value in terms of gold sales. Gold prices are expected to settle around Rs. 31,500 per 10gm, which will be good for customers,” said a salesman at Tanishq, a branded jewellery showroom.