DHANTERAS Jewellery owners nurse hope of repeating Dussehra sales

Rising gold prices worry customers

DHANTERAS Jewellery owners nurse hope of repeating Dussehra sales

THANE: With gold prices crossing Rs 30,000, the precious metal has almost reached out of bounds for the common man. Buying gold is considered auspicious on Dhanteras, the onset of Diwali. With Dhanteras round the corner, it remains to be seen how people respond to the rising prices this year.
PRAFUL GANGURD With Dhanteras round the corner, it remains to be seen how people respond to the rising gold prices this festival. Purshottam Gupte, marketing manager for Waman Hari Pethe Sons, said, “It still remains to see how the people respond to the rising hike this year. Looking at the Dussehra sales, we do have hopes that people will buy gold despite the prices. Dhanteras is more popular among Marwari and Gujrati communities from generations. The crowd at our traditional Maharashtrian jewellery shops was always less during this festival. However, in the last few years with Thane becoming a cosmopolitan city, the trend to buy gold on this day among the Maharashtrians has also increased.”
“People have cut down drastically the volume of gold being bought by them as most prefer to buy three to five grams. Gold still remains a safest investment option for people compared to share markets or real estate. Investors usually buy 50 to 100 grams. Thus, we are expecting good sale for three to five grams or on higher scale of 50 to 100 grams,” Gupte added.
Jewellers expressed that it is impossible to predict the prices of gold on Dhanteras. Mahendra Dhopat, of Lagoo Bandhu in Thane said, “The gold market is unpredictable. This year it was believed that the gold will soar during Dusshera, however the prices had in fact gone down. The gold price may or may not soar till Dhanteras. However, people are not ready to take risk.

Many of our clients have already booked their gold in advance fearing price hike on Dhanteras. They will, however, take it home on Dhanteras as it is auspicious day to bring gold home.”
A few jewellers believe that the sale will be low this year compared to the last year.
Deepak Jain, proprietor of Rajawat Jewellers, said, “The demand for gold is less this year. We haven’t reached the usual target set for festive season. The situation may change on Dhanteras day. The prices may remain stable as the markets aren’t predicting any major hike in gold prices during Diwali.”
In India, most traditions and customs involve exchange of gold and thus many don’t have any option but to invest in it. Sudha Rao, a resident, said, “In our marriages, it is compulsory to buy gold. Gold is also a must for other celebrations like engagements, naming ceremony of children and on all the festival that falls in the first year of marriage. The gold prices are soaring high, but we have no option but to buy gold to follow these customs. However we have not bought any gold for making our personnel jewellery.”
Dhanteras marks the first day of the five-day Diwali festival. It is also known as Dhantrayodashi, wherein Dhan stands for wealth. Goddess Laxmi, the Goddess of wealth and prosperity is worshipped on this day.