Gold, silver sales rise 35% during Diwali
Gold and silver sales rose 35 per cent during this Diwali season as compared to last year
Gold and silver sales rose 35 per cent during this Diwali season as compared to last year. Jewellery shop owners in the city expect shopping to continue till October-end.
Fatehchand Ranka, managing director, Ranka Jewellers, said, “The gold rates have been stable for the past 15 days which gave a lot of people an opportunity to buy new jewellery. Last year, there were Covid-19 restrictions which affected sales, but this year we have seen a rise of 35 per cent in the sales of gold, silver, and diamond.”
“Silver items were in heavy demand on Dhanteras, especially silver coins and utensils. Interestingly buyers also opted for showpieces in silver as gifting options,” he added.
Meenakshi Ranade, a buyer, said, “After two years of restrictions, this year was special. The shopping experience can never be virtual; one needs to go to the shop and enjoy the experience, which was possible this year. Also, this year was about getting back together with friends and family, Diwali faral and traditional attire, and jewellery. I bought gold bangles this year.”
Starting with a blockbuster Dhanteras for two days that took over a weekend, this year’s Diwali season has been better than most that the jewellers experienced.
“As we are noticing, Diwali shopping is still continuing and is expected to come to an end only after this coming Sunday (October 31). A lot of people that were travelling earlier are now back and visiting stores to make purchases. There has been strong demand for jewellery across gold as well as diamond, much more than bullion, which was a token purchase for most on Dhanteras. Rates are still favourable for customers to make their investments and this will ensure that we do business 30-35% more than last Diwali,” said Saurabh Gadgil, chairman and managing director, of PNG Jewellers.