From free MG Astor to serving unlimited pani puri, jewellers are leaving no stone unturned to woo the elusive customers who are put off by the sudden surge in gold prices amid global turmoil.
The forthcoming dhanteras and Lakshmi Puja are considered the peak season for jewellers who start their new accounting year and many believe that buying gold during dhanteras will bring in prosperity.
However, gold prices in last one month have rallied by ₹3,497 per 10 gm to₹78,745 on Tuesday against ₹75,248 September 25, according to the Indian Bullion and Jewellers Association of India data.
Gold prices have been hovering above ₹78,600 per 10 gm-level consistently despite weak demand due to ongoing geopolitical turmoil in West Asia and Russia-Ukraine.
Incidentally, in anticipation of high demand during dhanteras, jewellers stocked their gold inventory when the prices were low.
Notwithstanding the high gold prices, jewellers are wooing the buyers with attractive discounts, lower making charges, bumper offer of cars for lucky ones and tasty pani puris for buyers.
What’s the draw?
Jos Alukkas offering free silver on purchase of gold jewellery and a gold coin free on purchase of diamonds worth ₹60,000. Jos Alukkas is also offering customers the opportunity to exchange their old gold for HUID (Hallmark Unique Identification) Hallmark gold jewellery. To top it all, the jeweller will give away a grand Diwali prize of MG Astor car. The Dhanteras sales at most jewellery shops have started on Tuesday.
Varghese Alukkas, Managing Director, Jos Alukkas said overall sales were slow in the first half on Tuesday and expectations are that footfalls will revive in the second half. Overall sales will be down compared to last year Dhanteras, he said.
Sales are down mainly due to higher gold prices; south India sees more buying in gold coins and exchange of old jewellery while wedding season will start post Diwali in south, he added.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said the festive spirit was evident, with increased interest and momentum on Dhanteras, particularly during evening muhurat hours as the auspicious muhurat extends till tomorrow afternoon.
“Despite higher gold prices, demand has remained strong. Conservative buyers favoured Shagun coins, while lightweight or 18k jewellery attracted younger shoppers. With the upcoming wedding season, we also saw interest in elaborate pieces,” he noted.
Suvankar Sen, Managing Director & CEO, Senco Gold said the rising gold price is expected to impact volume by 12-15 per cent even while it will increase by 12 per cent in value-wise.
Demand for lightweight jewellery and diamond jewellery has surged compared to the first half of the year as consumers prioritise versatility in their choices, particularly among younger buyers, he added.
