Dhanteras to clock Rs 16k cr of gold sales

Dhanteras to 

Chennai: Dhanteras this year is likely to garner sales of gold coins and jewellery worth Rs 16,000 crore. Though advance bookings are 10 per cent lower than last year due to high prices, discounts and offers announced by jewellers are expected to see almost similar sales volumes as last year.

“We are expecting Dhanteras on Tuesday and Wednesday to do gold sales of around Rs 16,000 crore. Last year, we had seen gold doing a business of around Rs 12,000 crore. The sales volumes could be around 20 -22 tonnes as last year or perhaps 5 per cent lesser,” said Saiyam Mehra, Chairman, GJC.

In addition, silver, diamond and other gem-studded jewellery might do a business of Rs 1500 crore to 2000 crore.

According to him, the advance bookings for Dhanteras has been 10 per cent lower than last year as people were watching the trajectory of the gold prices. Usually, advance bookings account for 35 per cent of the sales.

“However, we are confident of covering the sales volumes in two days despite the lower bookings,” he said.

“In value terms, sales may still match or exceed last year's levels, as consumers shift towards lightweight jewellery and coins. However, volume-based demand may struggle,” said Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions.

Gold prices have gone up 30.87 per cent to Rs 78,200 per 10 gm in the Multi Commodity Exchange against Rs 59,752 on the last Dhanteras on November 12, 2023. This is the second highest price movement since 2012, after 2020 Dhanteras when gold had appreciated 32.22 per cent. Since 2012, silver has seen the highest return of 37.79 per cent this Dhanteras.

In order to lure the customers to the stores amidst rising prices, jewellers have announced several offers.

Malabar Gold and Diamonds has announced guaranteed gold coins with every purchase of jewellery and a gold rate protection plan to shield against price fluctuations. Customers can book jewellery with a 10 per cent down payment and select the lower rate between booking or purchase.

Tanishq is providing up to 20 per cent off on making charges and diamond jewellery value. Reliance Jewels is offering 25 per cent off on making charges for gold jewellery and 30 per cent off on diamond values and making charges.

Kalyan Jewellers has announced 30 per cent off on making charges for premium gold jewellery and 40 per cent off on making charges for temple and antique jewellery.

Joyalukas is offering one gram gold coin on diamond and uncut jewellery worth Rs1,00,000 or more, apart from gift vouchers worth Rs1,000 and Rs 500 on jewellery purchases. It is also giving 18 per cent off on making charges for gold and silver jewellery and 50 per cent discount on diamond making charges.

P C Jeweller is offering 45 per cent off on diamond jewellery, 20 per cent discount on making charges for gold jewellery and 50 per cent off on silver diamond jewellery.