Dhanteras Gold Rush Returns as Prices Dip, Jewellery Sales Surge 12%, Silver Demand Soars and Shoppers Flock to Stores Across India | Hyderabad News
Hyderabad: Dhanteras jewellery sales gathered pace across India this year as lower bullion prices on D-Day after a jump in prices after the US midterm results, festive demand and improving consumer confidence brought shoppers thronging stores again. Retailers reported strong footfalls since morning, with demand spreading beyond metros into smaller cities and suburban markets.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 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.Indian Bullion and Jewellers Association projected a strong Dhanteras, with national secretary Surendra Mehta estimating gold sales at about 52 tonnes, up 12% from 46 tonnes last year. In value terms, gold sales were pegged at around Rs 70,000 crore. Silver sales were estimated at nearly 300 tonnes, compared with around 250 tonnes a year earlier, he added.Large organised retailers also reported robust traction. 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. Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said showroom footfalls had picked up significantly across markets.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. Demand was especially visible in lighter-weight jewellery such as pendants, bangles and chains, along with smaller gold and silver coins and silver artefacts.Kalyanaraman said customers were also making token purchases ahead of weddings, with plans for larger buying later. 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. Eshwar Surana, managing director of Raj Diamonds, said demand was about 20% higher than last year, with advance bookings delivered on Dhanteras. He cited rising interest in natural diamonds, coloured gemstones, bridal pieces and men’s jewellery as festive choices.
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