Economy

Jewellers bet on Dhanteras, Diwali to regain sheen

Suresh P Iyengar Mumbai | Updated on November 03, 2020

Most jewellers, who have started reopening their shops , are extending tempting offers to woo customers during dhanteras and Diwali, two auspicious occasions for buying jewellery (file photo)   -  Yogesh Mhatre

Consumer gain confidence as gold prices settle above ₹50,000

The signs of economic revival and easing of restrictions on people movement has boosted jewellers sentiment on demand expectations this Dhanteras and Diwali despite lingering clouds of uncertainty.

Besides festival demand, marriages which were postponed since March are being re-planned stoking pent up demand for gold jewellery. Most jewellers, who have started reopening their shops, are extending tempting offers to woo customers during dhantera and Diwali, auspicious occasions for buying jewellery.

Senco Gold & Diamonds, one of the largest jewellery retail chains of eastern India, announced a mega Diwali offer Dhanteras Shagun. Suvankar Sen, CEO, Senco Gold & Diamonds, said it has introduced an interest-free EMI and a free insurance on purchase of diamond jewellery starting from ₹1,999.

Senco will also offer a discount of ₹3,000 per 10 g on gold jewellery and 25 per cent off on diamond jewellery besides making charges discount of eight per cent on gold jeweller and 20 per cent on platinum jewellery.

The 18 karat traditional designs makes prices affordable and various discounts offered are the icing on the cake, he said.

Somasundaram PR, Managing Director, World Gold Council said though gold prices have been volatile after hitting an all-time high, it has remained above the ₹50,000-mark and has boosted confidence of both consumers and investors who were sitting on the wall for prices to drop below ₹50,000 for 10 gram.

Tanya Rastogi, Director, Lala Jugal Kishore Jewellers said there is lot of uncertainty and the industry is not sure what to expect looking at the sales after the lockdown.

Since Navratri, the demand has recovered almost 90 per cent of that of last year.

As an investment, gold has given a return of 30 per cent since January and there should be good demand from investors this Dhantera, said Rastogi.

Aditya Pethe, Director, WHP Jewellers said there is a pent up demand in the market as many weddings which were postponed due to pandemic are being planned with government easing the restrictions. Consumers have started buying jewellery and expectations are that this Dhanteras is going to be the best for the entire year.

Ishu Datwani, Founder, Anmol said the positive swing witnessed in last month is continuing and it will not be a surprise if the demand this year exceeds that of last Dhantera.

Published on November 03, 2020

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