Kolkata: Dhanteras sales surpassed the expectations of the city jewellers on Tuesday despite a steep hike in gold prices over the past few months. According to traders, there was around 15% increase in sales over last Dhanteras.
In the past 10 days, gold prices in Kolkata touched the all-time high of Rs 81,380 per 10 gm (24K purity), threatening to impact the annual ritual of buying the yellow metal on Dhanteras. In the international market, an unstable geopolitical scenario owing to the Israel-Iran conflict, persistent inflation and the expectation of a US Federal Reserve rate cut in Nov continued to push gold prices upwards.
City jewellers, unsure of sales this season, started placing orders late this year. As the price of gold kept fluctuating each day, artisans found it difficult to procure raw materials. "The volatility, in turn, solidified people's faith in gold. There is no signal for easing of the situation any time soon. What can be a better option than gold for investment at this juncture," said Pankaj Parekh, chairman (Eastern zone) of the Gem and Jewellery Export Promotion Council.
"By 6.30 pm on Tuesday, there was not a single parking spot left on B B Ganguly Street. Many jewellers were apprehensive of the sales this year due to consecutive hikes in gold prices. But the sales surprised us all," said Bablu Dey, president of the Swarnashilpo Bachao Committee.
At Gariahat, Dhanteras buyers started pouring in after 7 pm. "We had a thin crowd in the morning, which is usual for a weekday. But it started to change from the evening," said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India.
"We were getting signals of a good sale since the afternoon. It started to surpass our expectations as the evening approached," said Anarghya Uttiyo Chowdhury, director of Anjali Jewellers. Footfall was higher this year compared to last year, and the average bill size of wedding jewellery buyers ranged between Rs 3 lakh and Rs 4 lakh.
"This season, the rise in gold price is impacting volume by 12%-15%. Value-wise, it will be approximately 10%-12%," said Suvankar Sen, MD and CEO of Senco Gold. "Demand for lightweight jewellery and diamond jewellery has surged compared to the first half of the year as consumers are now prioritising versatility in their choices," he added.
"We are getting a favourable response from even small jewellers across the state. Conservative buyers favoured shagun coins. There is also an upward spike in old-gold exchange," said Tagar Poddar, national general secretary of Akhil Bharatiya Swarnakar Sangha.