Gold Price – jewelery retailers are seeing 20 percent higher sales on a weighted basis

Gold Price – jewelery retailers are seeing 20 percent higher sales on a weighted basis
Gold Price – jewelery retailers are seeing 20 percent higher sales on a weighted basis
Sudipta Banerjee

And Diwali seven days later. Just two days before Dhanteras. Pandits advise buying gold, silver, gomti chakra, brass bus, broom etc. on the day of Dhanteras. Laukik Biswas, Mother Lakshmi is pleased if you buy all these things and bring them home on this special day. The marriage season will start only after Diwali-Dhanteras. So this time, the tendency to buy gold naturally increases a little among the buyers.

After the Russo-Ukraine war started, the price of gold began to rise. The Gaza-Israel conflict has further complicated that situation. In this situation, the price of gold has also started to rise and this trend will continue in the coming days, says Samar (Bablu) Dey, executive president of Swarna Shilpa Bachao Samiti in the state.

He said, ‘The price of gold will increase in the coming days. So far those who were waiting with an eye on the market have started shopping without wasting time. One of his trends is coming to attention. The market for the India-South Africa cricket match on Sunday was less male than usual. But, many women shopped in the store that day.’

He is optimistic that gold sales will increase by more than 20 percent by weight this Dhanteras. The price of hallmarked gold jewelery in the Kolkata market on Monday however fell to Rs 58,750 per 10 grams from Friday’s Rs 58,900.

5-15 per cent of a jewelery shop’s annual sales come during Dhanteras, says Ashok Bengani, Mentor (Bengal Chapter), Indian Bullion and Jewellers’ Association. In the words of Anargh Uthiya Chowdhury of Anjali Jewellers, ‘We hope that sales will be good this year in Dhanteras. Buyers are showing interest in buying diamond and gold jewellery. From now on, customers are coming to the store to shop and book jewellery.’

As the price of gold has increased, buyers are realizing its importance as an investment instrument and due to this, their confidence in gold is increasing, he said. Subhra Chandra of PC Chandra Jewelers expects gold sales to increase by up to 10 per cent compared to last year.

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He said, ‘The price of gold is increasing due to geo-political problems. But it was predicted that the price will increase. The price of gold has also increased a lot compared to last year. Apart from that we and other jewelry selling companies have started giving good offers. In this situation, I see the possibility of 5-10 percent increase in sales.’

However, Somasundaram PR, managing director of the World Gold Council in India, is a bit hesitant about this. He said, ‘The price of gold has started increasing due to geo-political instability. Many buyers are hoping that the war between Gaza and Israel will stop in the coming days. In that case, sales in the October-December quarter are unlikely to be similar to those of the last two years. Buyers are expecting prices to drop in January.’

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A record 345 tonnes of gold was sold in October-December 2021. In the same period of 2022 it decreased to 276 tonnes. He thinks that the sales will be less than this year. However, he did not rule out the possibility of increasing sales if the price of gold falls for a week or two.

Somasundaram said, ‘Buyers will buy gold jewelery to meet their minimum needs in Dhanteras. The belief of getting Lakshmi in the purchase of gold during the holy festival will play a special role in this regard.’

The article is in Bengali

Tags: Gold Price jewelery retailers percent higher sales weighted basis


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