Gold posts poor sales in Odisha on Dhanteras despite fall in prices

Odisha Sun Times Bureau
Bhubaneswar, Nov 10:

Despite fall in gold price and pleasant weather prevailing in the city, the sale of the yellow metal on Dhanteras has not been encouraging for the jewellers in Odisha capital.

Barring jewellery chains and big outlets, the footfall in mid-sized and small shops was less.

Dhanteras is considered auspicious to buy precious gold, silver and other precious metals jewelleries as it is believed to bring prosperity in one’s life.

Notably, the volume of business during Dhanteras in the last two years have not been up to the expectation of the traders as natural calamities had struck Odisha around that time.

The price of 10 gm of 22 carat of gold was around Rs 25,540 this year as compared to Rs 27,925 on Dhanteras in 2014. Similarly, the price was Rs 26,240 per 10 gram for 24 carat gold. Silver price was Rs 35,000 per kg as compared to Rs 39,000 last year.

Despite the fall in precious metal prices, the trend failed to woo the customers on this Dhanteras.

The city jewellers were hopeful to cash in on the opportunity of lowered prices of the metals as compared to the prices of the corresponding time last year.

As per an estimate, the capital city consumed precious metals worth nearly Rs 75 crore on Dhanteras. Almost two quintals of gold was sold in the city on Monday. Besides, around 10 to 12 tonnes of gold had entered Odisha market for the occasion.

Notably, the Temple City had registered a business of Rs 80 crore on Dhanteras last year.

As per reports, the precious metals sale witnessed a healthy hike in Sambalpur as compared to other parts of the state. While the customers transacted in gold and other metals worth Rs 15 crore in this western Odisha town, the overall volume of business from the state was pegged at Rs 130 crore- Rs 140 crore.

The regional (Eastern) head of All India Gems and Jewellery Trade Federation (GJF) and Director of Khimji Jewellers Mitesh Khimji said, there was no fall in the enthusiasm among buyers here. The volume of sale of gold jewelleries has increased marginally as against last year’s sales. If we take the figures from across the state, then the business is good this year.

Executive Director of Kalyan Jewellers, Ramesh Kalyanaraman said, we have seen 30 percent increase in footfall at our Bhubaneswar showroom as compared to other outlets across the country.

The outlets of Lalchand Jewellers, Khimji Jewellers, Kalyan Jewellers, Senco Gold, Tanishq and PC Chandra Jewellers in the city registered good business on Monday, sources said.

The jewellers were offering discounts on making charges, lucky draw coupons and other attractive schemes to encash the mood of the buyers.