Gold to sparkle on auspicious Dhanteras

Buoyed with the positive customers' buying sentiments, gold is likely to regain its lost sheen with jewellers expecting 60-70 per cent increase in sales this Dhanteras compared to last year.

Trade sources said, the bullion business may touch Rs 150 crore during Dhanteras in the state with Bhubaneswar city alone accounting for Rs 60-70 crores. As per Hindu calendar, Dhanteras falls on thirteenth lunar day of Krishna paksha in Kartik month and celebrated just two days before the Diwali.

"With the gold prices ruling at around Rs 26,000 per 10 gram of gold compared to about Rs 30,000 last year and more than expected monsoon rainfall, we are expecting a sales growth of about 60-70 per cent," said Alok Panda, regional manager (Northeast and East), Geetanjali Jewellers.

Last year, the devastation caused by cyclonic storm Phailin, followed by floods many areas of the state had taken its toll on the jewellery sales. The purchase plans deferred last year are being translated into action this year, retailers said.

"We are expecting about 50 per cent increase in footfall and at stores located in key locations it (footfall) may be up by 100 per cent compared to the previous Dhanteras," Panda added.

To attract the customers, Geetanjali Jewelers is offering upto 100 per cent rebate on making charges of gold ornaments and upto 25 per cent discount on diamond items.

"With the gold prices being low and stable, we expect a robust growth in sales this dhanteras/ diwali season, as compared to the last year," said Mitesh Khimji, Director, Khimji Jewellers and Regional Chairman (East), All India Gems and Jewellery Trade Federation.

This year the Dhanteras market has started with a positive trend and we expect the trend to continue, he added.

As part of Dhanteras special offer, Khimji Jewellers has waived making charge of Rs 450 per gram on the BIS hallmarked gold jewellery, flat 20 per cent discount on diamonds, 50 per cent discount on making charges of silver jewellery and 15 per cent rebate on maximum retail price of silver jewellery. The jeweller is offering 100 per cent buy back guarantee on gold coins and bars purchased from its stores.

Jewellers have decided to open their outlets for extended hours besides offering discounts.