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Festive cheer for jewellers as Dhanteras fetches bumper gold sales

Dhanteras is traditionally seen as the most auspicious day in the Hindu calendar to buy gold

Swansy Afonso | Bloomberg

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Photo: Bloomberg

3 min read Last Updated : Nov 02 2021 | 5:09 PM IST

Indians flocked to jewelry stores on Tuesday on the biggest gold-buying day of the year, with a bumper sales period for precious metals that culminates in the festival of Diwali expected for the first time since the pandemic began.

Dhanteras is traditionally seen as the most auspicious day in the Hindu calendar to buy gold, with many shops remaining open until midnight and jewelers offering discounts and gifts. Indians typically buy ornaments for marriage celebrations, and coins and bars for investment surge during a series of celebrations that culminates with Diwali, or the Festival of Lights, which falls on Thursday.

Still, in the past two years sales have been subdued. While restrictions and fear of the coronavirus amid a weak economy and high prices have taken a toll, jewelers are now seeing healthy growth in demand.

Tata Group’s Titan Co. reported a 77% year-on-year jump in income in its jewelry d