Gold jewellers see best Dhanteras in three years

TIL Desk/Business/New Delhi/ Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai’s Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers.

In fact, more discounts were announced for diamond and studded jewellery. “This Dhanteras, which is the biggest gold buying occasion in India, has been the best for jewellers in the last three years,” said Somasundaram PR, managing director of the World Gold Council.

According to market veterans, on average gold sales are estimated around 20-30 tonnes on the day of Dhanteras, and this year appears to be in line with that trend. This comes on the back of disappointing years in 2019 and 2020. Jewellers were optimistic going into the festive season, especially since data pointed to a rebound in demand.

India’s gold imports were estimated at 90 tonnes in October, taking the tally for the first 10 months of the year to 762 tonnes, which already exceeds the full-year figures of the previous three years. Surendra Mehta, national secretary of the Indian Bullion and Jewellers Association, said: “As expected, this Diwali investors are buying gold to increase its share in their portfolios and jewellery ahead of the marriage season, which begins from the third week of this month.