New Delhi, 28 Oct 2016 : Gold seems to be shining again after a year of somewhat subdued reception. On Dhanteras, people queued up across the country to buy the precious yellow metal as the jewellers saw volume-wise demand soar 25 per cent with huge footfalls in their stores on Friday.
“This year sales were very good. Across India, we witnessed good demand. Volume-wise demand was 25 per cent higher and value-wise it was 35 per cent up,” Balram Garg, Managing Director, P.C. Jeweller.
P.C. Jewellers has 12 stores in Delhi and 68 stores across India. Price of 24 carat gold in the national capital was hovering around Rs 30,000 per 10 grams on Friday.
‘Dhan’ in Hindi means wealth, and ‘Terah’ means number 13th. Dhanteras is, accordingly, derived to mean the day devoted to wealth that falls on the 13th day of the Krishna Paksha (waning moon period) in the Hindu calendar month of Ashwin.
People seek to usher in wealth into their homes and buy gold, silver and utensils as a sign of good luck on this day. In some parts of the country, people also worship Goddess of Wealth, Lakshmi.
“The change in demand was palpable. People were very upbeat. There was a lot of enthusiasm. The footfall in the stores went up by 30-50 per cent,” Somasundaram PR, Managing Director, India, World Gold Council.
“It appears that, as was widely expected, this Dhanteras has ushered in a new phase of optimism around gold, particularly after an unusually difficult first half. Consumers who have been deferring purchases are back and the demand for gold jewellery and branded coins seems to be much better than the previous year’s Dhanteras and Diwali festival,” he said.
Somasundaram said gold price is up 25-27 per cent this year compared to the same period last year.
“Good monsoon and a softening of gold prices (compared to first half of the year) have definitely improved the sentiment around this traditional asset class and the wedding season ahead appears promising for the trade and consumers alike,” he added.
“Compared to last three months, the current gold price has been less by Rs 150-200 per gram, which plays a catalyst role in the ongoing buying momentum,” Sankar Sen, Managing Director, Senco Gold in Kolkata.
“Jewellery sales were running on a low trajectory for several months in the current year but jewellers, of late, have experienced strong Dhanteras pre-bookings. Dhanteras is expected to bring much needed rejuvenation in the market. Industry expects to achieve a growth of more than 20 per cent compared to previous year’s sales in Dhanteras,” Gem and Jewellery Export Promotion Council’s former Vice Chairman Pankaj Parekh said.
Apart from the yellow metal, people also buy silver and other metals on this auspicious day.
Gold sales, especially smaller items of personal jewellery, have zoomed in Mumbai.
“This is despite the fact that the gold prices are around Rs 30,450 per 10 grams compared to Rs.25,450 per cent 10 grams on Dhanteras last year,” said an elated Surinder Kumar Jain, Vice-President, Mumbai Jewellers Association.
He said shops have been witnessing crowds since the morning ‘muhurat’ between 9-11 a.m. and bigger sales were expected in the evening ‘muhurat’ of 7 p.m. to midnight.
“As per current trends, we anticipate around 30 per cent increase in volumes sales compared to 2015, which is very encouraging considering the higher price of gold in 2016,” said Jain.
But the mood down south was not so upbeat.
“Sales trend is slow this year. It seems there is no money with the people. Sales may touch last year levels but there may not be any growth across the state,” Jayantilal Challani, President of Madras Jewellers and Diamond Merchants Association and a partner in Challani Jewellery Mart.
Demand for gold ornaments and jewellery on the occasion of Dhanteras was subdued this year for various reasons on the retail front in Bengaluru.
“Compared to last year, demand and sales are lesser this time as the festival has come at the month-end. With four-day holidays from Saturday to Tuesday (November 1), many potential buyers are going on holiday or travelling out of the city,” Bangalore Jewellers’ Association Secretary Y.S. Ravikumar said.
According to jewellers, younger generation and working women prefer new varieties. They also buy diamonds and artificial jewellery. The middle class buyers continue to prefer traditional ornaments in 22-carat or 24-carat.
Delhi Police advises people to spend New Year at home
New Delhi, 31 Dec : Delhi Police on Thursday decided not to allow any public gathering on December 31 and January 1 from 11 p.m. to 6 a.m. in the wake of the Delhi Disaster Management Authority (DDMA) order, and advised people to spend New Year in their homes.
Govt plans to clarify misconceptions on farm laws in farmers meet
New Delhi, 1 Dec : As the farmers have agreed to hold talks with the Central government, a group of cabinet ministers would clear their misconceptions about the three farm laws enacted in September during the Monsoon Session of Parliament — the bone of contention.
Amid rise in COVID-19 cases, PM Modi to review Covid situation with CMs
New Delhi, 23 Nov. : Amid a rise in COVID-19 cases, Prime Minister Narendra Modi is going to hold a meeting with the Chief Ministers of States over the coronavirus situation on Tuesday, via video conferencing.
According to the sources, PM Narendra Modi is likely to discuss the rollout of the vaccine program in the states during the COVID-19 review meeting with CMs.
Reportedly, he will hold virtual meetings with the Chief Ministers of Haryana, Delhi, Rajasthan, Gujarat, Maharashtra, Chattisgarh, West Bengal, and Kerala.
- Put farm laws on hold or we will do it, Chief Justice Bobde tells government
- Farmer agitation enters 47th day, all eyes on SC hearing pleas on protests
- Talks with farmers end without breakthrough, dialogue may resume on Jan 8
- AB HOGA TANDAV! Trailer release of Saif Ali Khans Political Web Series Tandav
- Start-ups future MNCs, to give ‘Brand India’ new global identity: PM
- Sourav Ganguly in Kolkata hospital after chest pain
- Punjab CM hopes of resolution of protesting farmers
- Oxford-AstraZeneca ‘Covishield’ vaccine likely to get nod in India
PDP chief Mehbooba Mufti released from detention after 14 months
Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on...
Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15
Swimming pools for training of sportspersons to open with SOP from Oct 15
SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance
Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had...
Bigg boss 13: Siddharth Shukla won, Asim first runnerup
Delhi court convicts 19 persons in Bihar’s Muzaffarpur shelter home case
New Delhi, 20 Jan : The Saket court in Delhi on Monday convicted 19 accused, including high-profile Brajesh Thakur, in...
Sourav Ganguly in Kolkata hospital after chest pain
Kolkata, 2 Jan: Sourav Ganguly, the president of Board of Control for Cricket in India (BCCI), was admitted to hospital...
Mumbai Indians beat Delhi to clinch fifth IPL title
Dubai, 10 Nov : While stamping their authority, Mumbai Indians (MI) cruised to a five-wicket win over Delhi Capitals (DC)...
RCBvsDC IPL 2020 Live Score :
RCBvsDC IPL 2020 Live Score :
Kings XI Punjab won by 97 runs
Dubai, Sep 24 : King XI Punjab beat Royal Challengers Bangalore (RCB) by 97 runs in the sixth match of...
IPL 13: Delhi won in super over, Mayak’s half-century wasted
Dubai, 21 September: The second match of the season played in the 13th season of the Indian Premier League (IPL)...
AB HOGA TANDAV! Trailer release of Saif Ali Khans Political Web Series Tandav
Created and directed by Ali Abbas Zafar and produced by Himanshu Kishan Mehra and Ali Abbas Zafar, the 9-part series...
Nora Fatehi in white dress celebrates the 20 Million mark on Instagram
Mumbai, 24 Nov. : One of the most entertaining and popular celebrities on social media, Nora Fatehi recently crosses the...
Indian superstar Yash is planning a huge celebration for son’s first birthday
It’s no news that Yash is often referred to as the ideal family man, the actor, even with his busy...
11 years of London Dreams: Salman won the heart of Vipul Amritlal Shah on the set
Producer-director Vipul Amrutlal Shah’s ‘London Dreams’ starring two superstars Salman Khan and Ajay Devgn along with Asin, Aditya Roy Kapur...
Tara Sutaria will be seen opposite Tiger Shroff in Sajid Nadiadwala’s ‘Heropanti 2’
Mumbai, 30 Oct. : After many speculations, the makers of Heropanti 2 have finally announced Tara Sutaria as their female...
Breaking2 years ago
Happy Diwali Images 2018, Happy Diwali Wallpapers 2018 |Happy Diwali Images | Live24India
Breaking4 years ago
National Herald: Relief for Gandhis, Court Dismisses Subramanian Swamy’ Plea
Don't Miss4 years ago
15 Epic Beach Photos
Don't Miss4 years ago
11 Sex Mistakes Men Make (And How to Avoid Them)
Breaking2 years ago
Toilet in MP anganwadi serves as midday meal kitchen
Don't Miss4 years ago
12 Things You Should Never Put In Your Vagina
Bollywood4 years ago
Priyanka Chopra chilling in Miami in a bikini is TOO HOT
Himachal Pradesh4 years ago
#Photogallery : Shimla, Manali, Dharamsala receive fresh snowfall