Buyers at a jewellery showroom ahead of Dhanteras
Instead of the usual 5-gram gold coin I buy every year, I have to either buy a tiny 1-gram coin or settle for a silver coin to keep the puja tradition alive,” she said. The 24-carat rate is around Rs 1.40 lakh per 10 grams, against Rs 1.30 lakh during Dhanteras last year, said Vastupal Ranka, director of Ranka Jewellers. September retail inflation stood at 5.54%, while food inflation was close to 9.4%. At Ranka Jewellers, around 70% of sales currently involve old-gold exchange in some form, Vastupal Ranka said. Vastupal Ranka expects Dhanteras sales to rise around 30% over last year, with coins and bars accounting for 30-40% of sales by value.
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Restaurateur Nishant Agarwal said higher fuel, transport and food costs had diverted money he would usually set aside for festive gold purchases. This year, my money is tied up in running the business and paying staff their Diwali bonuses,” he said. IT professional Priyanka Shah said higher rents, commuting costs, food bills and society maintenance charges had reduced her disposable income. “This means buyers get nearly 7% less gold for the same budget, even before making charges and GST,” he said. PNG Jewellers chairman and managing director Saurabh Gadgil said lighter designs, lower-karat jewellery and smaller-denomination coins were finding favour. “Customers want jewellery that is celebrated and worn, not only kept,” he said. “People are still buying, but thinking more carefully about what they own and where they want to spend,” he said.
Buyers at a jewellery showroom ahead of Dhanteras Buyers at a jewellery showroom ahead of Dhanteras Buyers at a jewellery showroom ahead of Dhanteras Buyers at a jewellery showroom ahead of Dhanteras Pune: Lower gold prices have done little to lift festive buying in Pune, as rising household expenses leave families with less money to spend on jewellery. Groceries, fuel, rent and other essentials have steadily squeezed disposable incomes, forcing buyers to scale down purchases or turn to smaller coins and silver to keep Dhanteras traditions alive. For Fatimanagar homemaker Usha Singh, the rising cost of groceries has wiped out her annual gold budget. “With monthly grocery bills shooting up, my gold fund is entirely gone. The squeeze is also being felt by business owners. “I usually use festival bonuses and business profits to buy gold coins or jewellery for my family. Salaried professionals, too, are rethinking how they invest their festive budgets. Rather than commit a large sum to physical gold, she plans to put smaller amounts into digital gold or gold exchange-traded funds (ETFs). Jewellers say buyers are adapting rather than staying away. Some customers were also exchanging old jewellery for contemporary designs. The recent price correction has brought back some customers who had been waiting to buy, he added. Pune Saraf Association president Fatehchand Ranka expects festive business to remain strong, particularly in silver. Buyers may adjust the quantity of gold they purchase, while traditional Dhanteras rituals are likely to sustain demand for coins and silver articles. Download the TOI App.
Gold prices have eased from recent highs but remain above last year’s levels.