This year’s Diwali season has seen a spectacular gold rush among the consumers regarding jewellery purchases on Dhanteras and Pushya Nakshatra. Yellow Gold worth Rs 372 crore ( Approx 750 kilograms) was sold in Gujarat on these two auspicious days this year. According to the jewellers, This has been the best Diwali in the last five years for the Gold sale.
Around 300 kg gold was sold across the state this Dhanteras, On Pushya Nakshatra the sales were about 450 kg, According to the estimate by India Bullion and Jewellers Association (BIA)
Haresh Acharya, the director of IBA said, “Muhurat gold sales increased 150% against an estimated 300 kg traded on last year’s Pushya Nakshatra-Dhanteras festivals in Gujarat.”
Investors put faith in gold as an asset of class, weddings and other occasions lined-up post-Diwali have boosted up gold sales during the ongoing Diwali festivities said, jewellers. The price of Gold is settled at Rs 49,600 per 10 grams on Tuesday in the Ahmedabad market.
“Ad of five years, gold demand in Gujarat is at this level. Sales volumes were largely driven by wedding jewellery purchases. Coins and bars purchases also caused an upswing in demand. Investors have kept their faith intact in gold, especially after leveraging on good returns on their investments during and after the pandemic. Therefore, people are investing in big numbers in anticipation of prices firming up in the coming months,” added Acharya added
Jewellers have suggested that the overall consumer outlook remained positive as they have also bought light-weight jewellery including rings, earrings, light-weight neck chains and other trinkets. According to estimates, on Dhanteras at least 100kg of gold has been sold in Ahmedabad alone.
Besides gold, demand for silver too remained high this year. The price for Silver settled at Rs 66,200 per kg in the Ahmedabad market on Tuesday.
Youngsters are seen buying both gold and silver jewellery as well as bullion, as they have realised the importance of saving up, suggest industry players.
“Silver demand has opened up very well this festive season and young buyers have come out in huge numbers to purchase light-weight silver jewellery. It is not just light on the pocket but also comes with elegant designs. Jewellers are launching their specialised collection of silver jewellery as well,” said Jigar Soni, president JAA (Jewellers Association of Ahmedabad)