On Dhanteras, gold sales may soar past ₹50 crore in Lucknow
Despite a 30% price hike, gold sales in Lucknow are expected to surpass ₹50 crore this Dhanteras, driven by demand for antique and Italian-style jewellery.
Despite a 30% jump in its prices, the city’s faith in gold continues to remain high. If stakeholders are to be believed, then gold sales are set to breach ₹50 crore this Dhanteras in Lucknow alone. This will be a first in 11 years.
As per jewellers, 10 gram of 24-carat gold was priced at ₹81,300 on Saturday. One kilogram of 999 purity silver could be bought for ₹1,02,000. The stakeholders noted that gold rates saw a 30% hike since the last Dhanteras.
The vice-president of Chowk Sarrafa market association, Adesh Jain said the demand for antique- and Italian-style jewellery had picked up.
“This year, we are expecting double sales. Last Dhanteras, gold jewellery worth ₹28.3 crore were sold. This year, the sales could be well above ₹50 crore.”
“Italian-style jewellery are machine made and have intricate modern patterns. They are available for ₹50,000 to ₹2.5 lakh. Antique-style jewellery have Indian motifs that can be bought for ₹3-7 lakh,” added Jain.
The jewellers said that the sudden upward shift in gold prices had made people to invest more in the precious metal as part of their long-term investment plan.
The director of Indian Bullions and Jewelers Association (IBJA), Tanya Rastogi said while many people were limited by their budgets, they were still buying gold.
“Many are opting for coins while some are buying lightweight jewellery. However, they are still buying them hoping that gold prices will go further north in time. Multi-purpose jewellery, which one can wear as a pendant, bracelet or ring, are among the most selling products in the market,” said Rastogi.
Another jeweler Pradeep Agrawal said diamond jewellery with fewer diamonds but bearing Turkish and Italian styles were also popular. “Turkish-style jewellery have a reticulated work in the form of a net and the Italian ones are heavy chains made with machines. Besides, stone-studded jewellery have also gained popularity these days,” said Agrawal.