Jewellers see no sparkle in sales this Dhanteras

Gold and jewellery sales were
muted so far on the occasion of Dhanteras as people preferred silver coins and utensils
for token buying amid slow consumer spending and high rates of the precious
metal, according to industry players.

Dhanteras, celebrated in northern
and western parts of India on Friday, is considered an auspicious day for
buying gold, silver and other valuables.

However, organised players like
Titan and UT Zaveri are hopeful of good footfalls later during the day as many
people are taking delivery of pre-booked orders.

Gold prices are ruling at around
Rs 39,000 per 10 gram on this Dhanteras, as against Rs 32,690 per 10 gram on
the same day in 2018.

Stating that high gold rates and
demand slump are likely to dent sales this time, Delhi’s Karol Bagh Jewellery
Association President Vijay Khanna said most buyers are restricting their
purchase to tokens, especially for investment purpose.

“We see flat sales this
Dhanteras but hope to recover during the wedding season in the coming
days,” he added.

In India, unorganised players make
up for roughly 70% of the country’s gold sales.

Khanna Gems Pvt Ltd Managing
Director Pankaj Khanna said there is a “positive trend” in terms of
silver coin sales this time as buyers are preferring white metal due to high
rates of gold.

“We are hopeful of crossing
100 kg silver coin sales through our online platform, up from 23 kg last
Dhanteras days,” he said, adding that the company is selling hallmarked
silver coins.

India is the world’s largest
consumers and importer of gold.