Bhubaneswar’s jewellery stores have experienced a significant boost in sales this Dhanteras, with initial estimates indicating sales of around ₹150 to ₹180 crore on the auspicious day. As shoppers continue to flock to local shops, the total sales figure is projected to exceed ₹200 crore. This surge highlights the cultural significance of Dhanteras, which is celebrated as a day to purchase gold and other precious items, viewed not only as auspicious but also as a sound investment.
Sunjoy Hans, the founder chairman of a prominent jewellery chain, remarked on the occasion, “Customers know gold is the best investment. Dhanteras is not only an auspicious occasion to buy gold, but customers can get the best offers on every purchase. They can find collections for any purpose, be it weddings, gifting, or for personal use.”
Hans also noted that there has been a 20 percent increase in sales compared to last year, reflecting both the economic resilience and the cultural importance of gold in Indian society.
Shift Towards Diamond Purchases
The rising gold prices have prompted some consumers to shift their focus toward diamond jewellery. Pujarini Dash, founder of a city-based diamond store, shared insights into this trend: “Those looking for extravagant jewellery are opting for diamonds following the rise in gold prices. Demand for diamonds has grown significantly in the last couple of years, and we have sufficient stocks for all budgets. For those buying on Dhanteras and for rituals, there are also jewellery options in lower carats for price-sensitive buyers.”
This shift indicates a dynamic market where consumers are adjusting their preferences based on current economic conditions, further underscoring the evolving nature of jewellery purchasing behavior in the city.
Gold and Silver Prices on Dhanteras Eve
On the eve of Dhanteras, gold prices remained a focal point for consumers. In Bhubaneswar, the price for 10 grams of 22-carat gold was ₹73,150, while 24-carat gold was priced at ₹79,800. Meanwhile, silver was valued at approximately ₹1 lakh per kilogram. These figures represent a substantial increase compared to Dhanteras last year, when the price of 22-carat gold was ₹56,000 for 10 grams and 24-carat gold was priced at ₹62,000.
Despite the rising costs of these precious metals, there has been a notable increase in customer interest. Mitesh Khimji, founder of another jewellery chain, commented, “Prices of gold and silver are continuously rising, but we find renewed interest among customers who see gold as an investment. As expected, there was a considerable rise in footfall at our stores compared to Dhanteras last year.” This trend underscores the persistent cultural and economic value placed on gold, even amidst fluctuating prices.
Consumer Perspectives
Consumers are weighing their purchasing decisions carefully in light of the current market prices. Saswati Behera, a local shopper, expressed her thoughts, stating, “Since gold is a necessity for weddings, we are buying it. But if the price was lower, then we could have bought more gold at the same price.” Her sentiments reflect a common concern among consumers who recognize the importance of gold in their lives while also feeling the pinch of rising costs.
The Cultural Significance of Dhanteras
Dhanteras is traditionally seen as an auspicious time for buying precious metals, particularly gold, which is associated with prosperity and wealth in Indian culture. The festival marks the beginning of the five-day Diwali celebrations, making it a peak period for jewellery sales. This year’s notable increase in sales not only highlights the economic resilience of consumers but also reaffirms the cultural significance of gold purchases during this festive season.
Market Trends and Future Outlook
As the sales figures continue to evolve, industry experts are keenly observing market trends. The combination of rising gold prices and shifting consumer preferences towards diamonds indicates a complex landscape for jewellery sales.
Retailers are adapting to these changes by offering a variety of options to cater to diverse budgets, ensuring that they remain competitive in a challenging market. With the wedding season approaching, further boosts in jewellery sales are anticipated, as many families look to purchase gold as a traditional necessity.
Conclusion
Bhubaneswar’s jewellery market is experiencing a vibrant period of growth this Dhanteras, driven by a combination of cultural significance and economic factors. With sales projections expected to surpass ₹200 crore, the resilience of consumers in investing in gold and jewellery remains strong, even in the face of rising prices. As the festive season unfolds, it will be essential for retailers to continue adapting to consumer needs while maintaining their market positions amidst changing dynamics. The ongoing interest in both gold and diamonds reflects a nuanced understanding of value among Indian consumers, ensuring that the tradition of jewellery purchasing remains as strong as ever.
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