This year’s Dhanteras jewellery sales have been significantly better than the previous year’s, with the buying fervour extending beyond just gold to diamonds, silver and coins as well, discovers Suneeta Kaul
The Diwali festive season this year has brought good cheer to jewellery retailers, with increased footfalls at stores and significant online sales. All categories of jewellery have done brisk business, and sales have surpassed the expectations of retailers. The high gold prices and the uncertain global scenario did not deter buyers, who thronged the stores, buying all kinds of jewellery, as well as gold coins.
Here’s what a cross-section of retailers had to say about this year’s Dhanteras sales:
Dr Saurabh Gadgil, PNG Jewellers, Pune
Dhanteras 2023 has been a bumper Dhanteras, as predicted. The falling price of gold on Dhanteras played an important role in bringing customers to the store. We saw huge crowds coming in since early morning to our stores across Maharashtra. Customers came from Tier 1 to Tier 3 cities and towns to pick up deliveries of pre-bookings, as also to make token purchases. The general sentiment throughout the day was very positive, and customers wanted to take some gold home to mark the auspiciousness of the day. Heavy jewellery was in great demand, given that over 35 lakh weddings are set to take place this wedding season. At the same time, there was a strong demand for bullion and gold coins too.
The main categories driving sales were gold (85%), silver (5%), and diamond jewellery (10%). Gold, particularly in the form of coins and bars, accounted for about 30% of overall sales, with the remaining 70% comprising various types of jewellery, notably heavy pieces. Silver and diamond jewellery also did well, though they represented smaller portions of overall sales.
By the end of the day of Dhanteras, the overall gold consumption crossed 40 tonnes in India, as per information we received from all over. Out of this, nearly 8-10 tonnes were consumed in Maharashtra alone. PNG Jewellers has already crossed 20% increased sales in quantity terms and about 30% in value terms since last Dhanteras, marking a huge jump.
Suvankar Sen, Senco Gold & Diamonds, Kolkata
We saw an overall growth of 10%-12% in terms of value on Dhanteras. Due to the higher gold price and recent price fluctuations, volume growth has been in low single digits, while value growth has been in low double digits. Notably, we have experienced a substantial 25%-30% growth in diamond jewellery, which shows that the younger generation is willing to experiment with more Western designs.
In an interesting development, there has been a significant uptick in men's jewellery, including chains and rings, with a remarkable 15% growth. Either they are purchasing for themselves, or their spouses are buying for them, or brides are selecting for their grooms. Platinum has also performed well, with 15%-20% growth. This suggests that young consumers are interested in white metals, such as platinum and rose gold. We have seen customer footfalls across categories, including wedding shoppers and those looking to make auspicious purchases on Dhanteras. The overall sentiment was very positive, and despite the challenges of high prices and global uncertainty, Indian consumers continued to show faith in gold and diamond jewellery, as they enthusiastically celebrated Dhanteras.
Saket Keshri, Ratnalaya Jewellers, Patna
We had an amazing Dhanteras and a great week overall. Lots of people came to our store, and everyone seemed positive about shopping. People made different choices, buying both light, everyday jewellery and heavier pieces. Because Diwali is a significant occasion, customers of all ages bought jewellery they liked, ranging from simple designs to more elaborate ones.
Our sales went up by about 27% to 30%, showing that people really enjoyed shopping with us. It's wonderful to see how our jewellery became a part of Diwali celebrations for many. Thanks to our customers for making this festive season special for us.
Vipin Aggarwal, Mussaddi Lal hari Kishan Dass Jewellers, Ambala
Dhanteras this year has been very good! In fact, it has been fantastic. Our sales went up by 30% to 40%, compared to the year-ago period. We had not expected this kind of a phenomenal response from customers. There was so much demand, we fell short of supply. All kinds of jewellery was selling – antique jewellery, heritage jewellery, rajwadi jewellery, temple jewellery, contemporary jewellery, fusion jewellery, you name it.
As I said, we could not meet all the demand, especially for fusion jewellery. Diamond jewellery also sold a lot – polki, double-layered necklaces and diamond sets were very popular. Such was the rush that we had to keep the showroom open till 1 am! But it was worth it – the atmosphere was electric.
Eshwar Surana, Raj Diamonds, Bangalore
We saw robust demand during this Dhanteras, and witnessed strong footfalls across our showrooms. We also had an exceptionally strong festive season and have seen around 20% increase in demand this time compared to last year. This year, there was a surge in advance bookings, with around 15% of customers already reserving their favourite jewellery for Dhanteras.
In terms of design, diamond jewellery featuring prized coloured gemstones is becoming a big trend during this season. Along with Diwali demand, this positive trend will gain momentum as lakhs of weddings are planned in the coming months. This optimism is fuelled by positive consumer sentiment, driven by a rapidly growing economy, increased disposable income, and the burgeoning influence of Gen Z and millennials. We are confident that the demand momentum will continue to further accelerate till the end of the year.
While jewellers unveil special offers with enticing discounts to attract customers, we do not go down that path. To ensure that your jewellery shopping experience is both enjoyable and rewarding, it is important to insist on proper certification and hallmarks. Reputable jewellers provide these certificates, detailing the cut, clarity, colour, and carat weight of the diamonds. Selecting the right jeweller is paramount, hence choose an established brand with a history of customer satisfaction.