Gold jewellery sales sparkle on Dhanteras

Jewellery sales in Dhanteras surged by up to 30 per cent, both in value as well as volume terms, belying fears of muted response due to high gold prices.

"There was a very positive sentiment among customers and footfalls were very high yesterday on Dhanteras, despite high gold prices. In terms of volumes and value, we saw 30 per cent sales growth compared to the same day last year," Gitanjali Gems' president Abhishek Gupta said.

Demand for heavy jewellery like 'jadau' and 'kundan' for the marriage season immediately after Diwali was more, he said.

"There was up to 50 per cent sales growth in diamond jewellery, mainly in the light weight category like rings, ear rings and pendants," he said.

Coins, he said, also did very well being always in demand, even during the off-season period, he said.

Mumbai Jewellers' Association vice-president Kumar Jain of UT Zaveri retail stores said that market sentiment was very high and there was very high footfalls far beyond expectations.

"We saw very good sentiment and sales in Zaveri Bazaar in Mumbai was brisk during Dhanteras. Footfalls this year was more than our expectations. We saw 30 per cent growth in sales in terms of volume," Jain said. Overall jewellery sales in Maharashtra was about Rs 750 crore on Dhanteras, he said.

Shree Ganesh Jewellery Head, Marketing, Rahul Singh said that sales more than doubled, as stores in northern and eastern region did extremely well.

"Expectation of gold prices rising further, attractive discount offers and the upcoming marriage season mainly boosted sales. We witnessed 75 per cent growth in overall sales," he said.

Kotak Mahindra Bank also achieved a 20 per cent growth in sales of coins. "Total quantity sold was 150 kgs compared to 125 kgs last year," Kotak Mahindra Bank Executive Vice President Puneet Kapoor said.

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