Jewelers Expecting 10 Percent More Gold Jewelery Sales On Dhanteras 2023 Despite Gold Price Hike

Gold Jewelery Sales On Dhanteras 2023: Dhanteras festival is on Friday 10 November 2023. This is the biggest day for the sales of gems and jewellery. Jewelers are very cautious about the demand for gold on Dhanteras, although they are expecting good sales. Due to global political tension, there has been a sharp rise in the prices of gold. Despite this, jewelers are hopeful that there may be a 10 percent jump in sales this Dhanteras.

After Dhanteras of 2022, gold prices have increased by 20 percent to around Rs 61,000 per ten grams. The price of gold in Delhi on Dhanteras in 2022 was Rs 50,139 per 10 grams, while the price on Dhanteras 2021 was Rs 47,644 and this does not include the tax component. Dhanteras is considered extremely auspicious in the Hindu calendar for purchasing precious metals, utensils and other valuable items. In normal years, about 20-30 tonnes of gold is sold on the day of Dhanteras.

All India Gems and Jewelery Domestic Council Chairman Sanyam Mehra told PTI, gold prices are increasing by 8 to 10 percent annually. And people have accepted the base price of gold at Rs 58,000 per ten grams. He said that he is expecting a 10 percent increase in sales this Dhanteras as compared to last year. He said that many jewelers are giving discount in making charges and taking advantage of it, consumers have booked for delivery on the day of Dhanteras.

World Gold Council CEO Somasundaram PR said, jewelers are cautious but optimistic, consumer sentiments remain positive. The high price of gold can become a major hindrance in sales on Dhanteras. He said that there will be symbolic purchases and there will be huge demand for gold bars and coins. He said that sales this Dhanteras are unlikely to reach the levels achieved in 2021 and 2022. Jewelery retailer Joyalukkas is expecting 25 percent increase in gold jewelery sales this time.

Joy Alukkas, Chairman and Managing Director, Joyalukkas, said, we are expecting sales of around 650 kg of gold jewelery in our stores this Dhanteras. If prices come down then sales can be even higher. Last year, the company had sold about 500 kg of gold on the day of Dhanteras.

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