Denizens throng gold shops for jewellery on the occasion of Dhanteras, in Hyderabad on Friday. pic: Rama Moorthy P
Avinash Gupta , vice chairman of All India Gem and Jewellery Domestic Council, said the market was performing well, helped by a sharp correction in gold and silver prices over the past six months.
He said a fall in 22-carat gold prices by Rs 235 per gram, from Rs 13,385 to Rs 13,150, had encouraged customers to make festive purchases. Eshwar Surana, managing director of Raj Diamonds, said demand was about 20% higher than last year, with advance bookings delivered on Dhanteras. Large organised retailers also reported robust traction.
Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said showroom footfalls had picked up significantly across markets. Kalyanaraman said customers were also making token purchases ahead of weddings, with plans for larger buying later. Demand was especially visible in lighter-weight jewellery such as pendants, bangles and chains, along with smaller gold and silver coins and silver artefacts. Tier II and Tier III markets showed encouraging demand, while suburban centres emerged as strong sales pockets. Diamond jewellery also gained during the festive season. He cited rising interest in natural diamonds, coloured gemstones, bridal pieces and men’s jewellery as festive choices.
Sources at Tanishq pointed out that after a surge in international prices in the aftermath of US President Donald Trump’s midterm election defeat, prices dipped on Friday, galvanising buyers to go for purchases.
He said many consumers who had delayed purchases were now returning as prices looked more attractive for auspicious buying. Gupta added that buyers appeared more confident after recent global political cues, and many expected gold to move higher from current levels.