Dhanteras spells ‘Gold Rush’ in Mumbai

Mumbai, Oct 28 (IANS) This year, the auspicious ‘Dhanteras’ has spelt ‘gold rush’ for the gold, gems and jewellery traders with huge crowds thronging retail outlets for festive season purchases, industry players said here on Friday.

“This is despite the fact that the gold prices are around Rs 30,450/10 gms (per tola) compared to Rs 25,450/10 gms on Dhanteras last year (2015),” said an excited Mumbai Jewellers Association’s Vice-President Surinder Kumar Jain.

He said shops have been witnessing crowds since the morning ‘muhurat’ between 9-11 a.m. and bigger sales are expected in the evening ‘muhurat’ of 7 p.m. to midnight today (Friday).

“As per current trends, we anticipate around 30 per cent increase in volumes sales compared to 2015, which is very encouraging considering the higher price of gold in 2016,” Jain told IANS.

On customer preferences, he said buyers, especially women, prefer smaller items of jewellery like rings, nose-rings, earrings, small necklaces, etc compared to the larger ones like heavy neckwear, bangles or bracelets.

There is some sale of gold coins or smaller guineas among the spot buyers, but the main demand is for smaller jewellery items which can also be used daily, said suburban Borivali retailer Pramila Jewellers’ proprietor S.K. Verlekar.

Jain said the main marriage season is still six weeks away and the jewellers had carefully predicted the trend this year to stock smaller gold jewellery items which are picked up like ‘hot cakes’.

The higher-than-anticipated customer response has spurred the main jewellery hubs in Mumbai to sport a festive ambience with Diwali lamps, lanterns, twinkling fairy lights and other decorations to attract the buyers.