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Wednesday, Sep 18, 2019

Happy Dhanteras for Mumbai jewellers as customers rush to buy gold

mumbai Updated: Oct 17, 2017 22:25 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
Jewellers across Mumbai have come up with a bonanza of offers to get customers to buy gold on Dhanteras.
Jewellers across Mumbai have come up with a bonanza of offers to get customers to buy gold on Dhanteras.(HT File)

After a lull on Dussehra, the rush of buyers spread cheer among jewellers on Dhanteras on Tuesday.

According to rough estimates. jewellers across Maharashtra raked in Rs450 crore on Tuesday, compared to Rs325 crore last Dhanteras. Traditionally, Dhanteras is a day when new items, including gold, are bought.

Jewellers came up with a bonanza of offers, such as free silver and gold coins, discount on making charges, free gifts such as mobile phones and washing machines and lucky draws that include cars and LED TVs to woo customers.

While Tanishq offered up to 25% off on making charges for gold jewellery and up to 25% off on diamond jewellery, Palak Jewellers at Parel gave the same amount of silver as the gold purchased for free and mobile phones on purchase of gold worth Rs1 lakh.

“We wanted to cash in on positive sentiment,” said Pankaj Kothari, owner of Palak Jewellers.

“Those who did not buy during the Dussehra owing to the KYC norms bought on Dhanteras. The offers gave a boost to gold sales across the state,” said Kumar Jain, vice-president, Mumbai Jewellers’ Association.

Traditionally, it is considered auspicious to buy gold on four festive days - Gudi Padva, Akshay Tritiya, Dussehra and Dhanteras.

India is the largest market for gold trade and the world’s second largest importer. The bullion trade sector has been going through a rough phase ever since the 45-day countrywide strike in March-April 2016 to protest against the levy of excise duty. After jewellers were forced to back off, gold prices breached the Rs 31,000 per 10gm mark, which led to a decline in gold sales. In November last year, demonetisation hit sales once again.

First Published: Oct 17, 2017 12:52 IST