Hyderabad: Gold and silver prices may be reigning close to their all-time highs of over 1.3 lakh/10 gm (999 purity, including GST) and over 1.7 lakh/kg, respectively, but price seems to be no bar for precious metal lovers this Dhanteras.All thanks to massive returns of over 65% given by the yellow metal in just one year and silver also shining bright with over 80% returns since last Dhanteras. “The overall sentiment is very positive despite rising prices. Both gold and silver are being purchased in good ticket sizes this Dhanteras as consumers expect prices to continue rising. Experts, too, predict further increases, making people eager to buy now rather than miss the bus,” said Avinash Gupta, vice-chairman, All India Gem & Jewellery Domestic Council. Pointing out that last year sales were down as buyers were sceptical, this year, volumes are expected to match last year’s, though value-wise sales will be much higher due to increased prices, Gupta added. However, Surendra Mehta, national secretary, India Bullion and Jewellers Association, said he expects a 10% drop in gold volumes due to record prices, but silver sales have been on fire. “Last year, about 39 tonnes of gold was sold on Dhanteras, but this year we should end up at around 36 tonnes. But, over the last few days, the sales of both metals have been good, with people buying more bullion than jewellery,” Mehta added. While standalone stores reported decent turnouts, corporate chains captured a bigger share this time, said industry sources. “As prices are very high, sales volumes were lower than last year,” said Darshan Gupta, partner, Mangatrai Jewellers. Agreeing, Pavan Mor, managing director, Pavan Mor Jewellers, said though sales were not exciting, they were good with primarily wedding-related purchases due to the upcoming wedding season. Ajoy Chawla, CEO, jewellery division, Titan, said: “Consumers are viewing price volatility as a strategic opportunity to reinvest — whether through gold coins or by upgrading their existing jewellery. Our ‘Zero Deduction Gold Exchange’ programme has seen a sharp rise in traction, with its contribution increasing from the usual 35%-36% to 38%-40% since Navratri. Overall growth is being driven by higher ticket values, while buyer growth remains in early single digits,” he explained. PK Siraj, retail head – Rest of India, Malabar Gold & Diamonds, said: “We have seen a 50% jump in gold this year, with very high coin buying. People are also opting for lightweight jewellery. Silver is selling like crazy, with over 100% jump in sales.”
