Dhanteras & wedding season fuel gold rush

BHUBANESWAR: After lackluster business for the last two years, gold rush gripped the city on the occasion of Dhanteras on Tuesday as sales of jewellery made of the yellow metal climbed north.
Jewellery shops in the city were choc-a-bloc with customers as gold frenzy took hold of people due to the significant drop in the price of the yellow metal.
The festive occasion and the wedding season that is soon to follow coupled with the attractive offers and designs in jewellery stores made many who stay away from big purchases throughout the year, loosen their purse strings.
"We are expecting a substantial rise of around 20 per cent to 30 per cent in sales compared to last year. By evening, the sales have increased by 15 per cent. People are buying both jewellery and coins," said regional chairman (east), All India Gems and Jewellery Trade Federation, Mitesh Khimji.
Jewellery shops remained open till late night with half-drawn shutters as customers wanted to make the most of the occasion and the offers. On Tuesday, price of 22 carat gold was Rs 26,300 per 10 gm against Rs 32, 200 per 10 gm in 2013. Similarly, gold rates remained high in the previous years as it was Rs 30, 200 per 10 gm in 2012 and Rs 27,130 per 10 gm in 2011. In 2010 the gold price was Rs 19,200 per 10gm.
"This year, gold prices are the lowest in the last four years, which is definitely a reason for customers wanting to buy the yellow metal on this auspicious occasion. Customers who used to buy jewellery or coins of smaller amount last year, have increased their budget," said regional manager of Geetanjali Jewellers Alok Panda.
As the wedding season follows Dhanteras, many people have decided to buy gold and take advantage of the attractive offers and discounts given by the jewelers on this occasion. "The festive season is both auspicious and suitable for buying gold as the wedding season follows. In summer and monsoon, very few weddings take place compared to this time of the year," said Pramod Sahu, a city-based jeweler.
"At this time, jewelers also have a huge variety of designs. And most importantly, the offers are not available at any other time of the year," said Sanjukta Patra, a customer who was busy buying gold at a city shop.
Priyambada Das, another customer, said, "I had no specific need to buy gold but since it is regarded auspicious to buy something new on this day, I decided to buying some. There was a huge rush in the jewellery shops of the city and the high price of gold doesn't seem to be a deterrent."
Besides gold, people believe that buying silver, utensils, cars, bikes and also electronic gadgets on the occasion of Dhanteras will bring prosperity. Shops are also offering discounts on watches, diamond and fashion jewellery.