Dhanteras 2023: Slow Start, Jewellers Expect Rush | Gold Price Impact

Mumbai, Oct 29 (PTI) Dhanteras has begun on a slow note and jewellers expect footfalls to pick up and sales to increase even as the high gold price is likely to dampen the festive demand for the yellow metal.

"Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," All India Gem And Jewellery Domestic Council chairman Saiyam Mehra told PTI.

He said, volume-wise sales will be impacted due to the ruling high gold prices and expect to do business either 5 per cent lower than last year or same as last year this Dhanteras, which is considered an auspicious day for purchasing precious metals, gold and silver jewellery.

"We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales," he added.

Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 per cent and 99.5 per cent purity had revisited its all-time of Rs 81,500 and Rs 81,100 per 10 grams, respectively, on Saturday.

However, silver remained flat at Rs 99,500 per kg.

Echoing similar sentiments, PN Gadgil Jewellers chairman and managing director Saurabh Gadgil said, this year the festival has spilled over till Wednesday afternoon, giving jewellers a wider window to do business.

"The day has begun on expected lines with few footfalls. We are expecting the rush to begin from the afternoon till late at night. As Dhanteras has spilled over to Wednesday afternoon, we are expecting to do well in terms of value. The booking order looks strong," he said.

However, volume wise the sales might be a little lower than last year, he added.

Senco Gold and Diamonds MD and CEO Suvankar Sen said there has been a good rush through the weekend and the industry is expecting this to continue on Dhanteras as well.

"People have begun visiting jewellery stores, but we expect the rush to begin from afternoon onwards as it is a weekday. The store will remain open till late at night on Tuesday... We have a wider window to do business this year," he added.