Estimated Rs 125 cr gold, silver sold on Dhanteras

 

 

IT SEEMS that the recent stupendous hike in prices of gold and silver has failed to dilute the enthusiasm of buyers on Dhanteras on Saturday as a large number of customers were seen purchasing jewellery on the festive day. Many jewellers told The Hitavada that they witnessed heavy rush of customers right from the morning which continued till late in the evening taking the day’s total turnover of jewellery market in the city to an estimated record of Rs 125 crore. The market experts said that this year’s turnover is roughly 10 per cent more than that of previous year. Heavy buying of bangles, mangalsutras, necklaces and rings was reported. According to the jewellers, customers also bought gold and silver coins, idols and utensils unbotheredby rising bullion prices. As gold and silver prices are rising at an unexpected rate, buyers are anticipating further hikes in coming days.

 

They are now buying jewellery for upcoming wedding season. Interestingly, youths also bought gold and silver in significant quantities as most of the jewellers have been offering new and trendy designs of jewellery for these fast evolving class of buyers. Rajesh Khandelwal, Director of Khandelwal Jewellers, Dharampeth said, rise in gold and silver prices has created buyers’ strong faith in both the precious metals.

 

“From Rs 61,000 per 10 gms during last Diwali, gold has jumped to Rs 1,28,500 in the current season. Similarly, silver has exploded to a high level of Rs 1,80,500 per kg. It shows that gold and silver have emerged as one of the best options for investors,” he said, adding that more and more people are buying it in the current scenario. Another leading jeweller in the city, Kishore Sheth, Director of Batukbhai and Sons Jewellers, said, “With Diwali festive season in full swing, there is a lot of excitement among people to buy gold and silver jewellery as there was record high appreciation of both the precious metals this year. Because of this, there was hectic business activity witnessed at all prominent jewellery shops in the city.” According to Rajesh Rokde, Chairman of All India Gem and Jewellery Domestic Council (GJC), “Since Dhanteras has come on Saturday, a large number of people are expected to buy gold and silver ornaments on Sunday, too. People will take advantage of the holiday on Sunday and shop with ease. Apart from this, we have been receiving bookings from many customers taking advantage of the discounts in making charges offered by several jewellers,” he said. Dhanteras is regarded as the most auspicious occasion in the Hindu calendar for buying items like precious metals, utensils and other valuables.