Gold sales to remain soft on Dhanteras, demand for light jewelry rising

Lucknow| Due to prices reaching record highs, gold sales across the country may remain soft this time on Dhanteras. Indian Bullion and Jewelers Association (IBJA) General Secretary Surendra Mehta said, despite it being the wedding season, gold sales this Dhanteras may remain 15-18 percent less than last year. Around 42 tones of gold was sold on Dhanteras last and 39 tonnes in 2022.

Mehta said, compared to Dhanteras last year, gold has seen a rise of about 31 percent this time. Gold had closed at Rs 61,200 per 10 grams on the previous Dhanteras day, while on October 23, 2024

Mehta said, buying gold on Dhanteras is considered auspicious. Therefore, despite skyrocketing prices, people will definitely buy. But, despite it being the wedding season, unlike last Dhanteras, this time the demand for light jewelry is high. Sanyam Mehra, Chairman of All India Gems and Jewelry Domestic Council, said, demand is looking high in North India. Gold jewelry with 14 to 18 carats is selling more.

Suvankar Sen, managing director and CEO of Senco Gold & Diamonds, said sales could fall by at least 10-12 per cent in volume terms this year compared to last Dhanteras. However, in terms of value, sales could see an increase of about 12-15 per cent. Saurabh Gadgil, managing director of PN Gadgil, said the industry is expected to reach last year’s level in terms of volume.

Sachin Jain, Regional CEO (India), World Gold Council, says that despite prices reaching record highs, there are indications that there has been a surge in gold purchases again due to festivals. The industry is optimistic about sales during the festivals given the good number of customers during the second quarter. The orders already received for festivals are also looking good.

Kumar Rajagopalan, CEO of Retailers Association of India (RAI), says that this Dhanteras people are purchasing a lot of electronic products apart from gold and silver. Sales of smartphones, TVs and freezes are seeing a greater increase. However, this demand for electronic products has only increased for the last 15 days. Overall, this time sales of electronic products are expected to increase by 10-12 per cent compared to last year.