High demand for gold and silver on Dhanteras
During the festive season of Dhanteras, tricity-based jewellers experienced a surge in demand despite high prices for gold and silver. Sources estimated a sales growth of 10-15% compared to the previous year, showcasing the continued popularity of precious metals during this auspicious time.
Reasons behind the demand
Jewellers attributed the sustained interest in gold to global uncertainties and geopolitical conditions, while silver was also drawing substantial interest as a more affordable option for buyers. Customers were observed purchasing gold coins and jewellery not only for investment purposes but also as part of a traditional custom associated with Dhanteras.
Insight into customer behavior
Anil Talwar, owner of Talwarsons, highlighted that Dhanteras sees heightened sales as customers engage in significant jewellery purchases, often coinciding with the marriage season. The positive sentiments among buyers, coupled with the disappearance of unorganised players in the market due to stricter regulations like mandatory hallmarking, contributed to the growth in sales in the organised sector.
Impact of rising prices and enticing offers
Despite a 30% increase in gold prices since the previous Dhanteras, customers are still drawn to investing in gold at current prices, considering it a wise choice. This trend indicates that even with higher price points, the allure of gold remains strong for buyers. To further stimulate sales, jewellers in the organised sector are offering attractive deals and discounts to attract customers.
Anticipated growth and market trends
Rajeev Sahdev, president of the Chandigarh Jewellers Association, expressed optimism for a double-digit growth in sales, especially with the auspicious day extending beyond Dhanteras. Additionally, the tricity area boasts over 300 jewellers, indicating a robust market for precious metals.
Utensil traders also benefit from the festive spirit
In addition to jewellery, utensil traders saw upticks in sales during Dhanteras, with traditional steel, brass, copper, bronze, and silverware being highly sought after. While modern glassware and bone china dominate the market on regular days, the festive occasion prompts a return to traditional utensils, showcasing a blend of tradition and modernity in consumer preferences. Members of the Chandigarh Crockery and Bartan Association anticipated a growth of at least 10% during the festive period, reflecting the shift in consumer preferences towards traditional ware.
