AOJ E-NEWS : Thanks to the last minute drop in gold prices and a stable macro-economic environment, Dhanteras this year has brought a bounty to city jewellers, who have reported around 20 per cent to 25 per cent higher sales as compared to last year.

This year, gold prices hovered around Rs 2,850 per gram (22K) and Rs 3,100 per gram (24K) as compared to Rs 2,500 per gram (22K) and Rs 2,750 per gram (24 K) last Dhanteras.

Though gold prices this Dhanteras were a tad higher than last year, it failed to dampen the spirits of buyers. Experts explained that though the prices were higher on a year-on-year basis, gold prices on Dhanteras day have softened as compared to the last few months when they touched Rs 3,200 per gram.

Commenting on the purchase trends, Satish Agarwal of the Twin Cities Gold Jewellers' Association said, "This year, sales are expected to be at least 25 per cent higher. One of the major trends we are witnessing is that antique (traditional) gold jewellery is back in demand. Even diamond jewellery is seeing brisk sales this year."

Confirming that gold fever is running high in the city, Darpan Gupta of Mangatrai Jewellers said customers were finally loosening their purse strings with gold buying no longer just limited to the usual token purchases. He explained that jewellers too were expecting robust business after a tough first half because of stability in terms of the overall business environment.

Demand had been pent up in the market over the last six to seven months due to various factors such as volatile gold prices and a brief period of strike by jewellers, who were demanding a rollback of the proposed excise duty on non-silver jewellery.

"Being an auspicious day, many people who had been deferring their purchases earlier are shopping for gold today," an official of Jagdamba Jewellers and Pearls said.

Courtesy: TOI