With prices falling as people came out to buy jewellery, it is estimated that 12% more gold will be sold this Dhanteras.

Buying Dhanteras Gold: If you are also planning to buy gold during the festive season, there is good news for you. Gold prices have fallen by more than 7 percent in the last one month. This softening of prices has once again breathed life into the jewelery market. Consumers who were postponing their purchases due to increased prices are now returning to the shops ahead of Dhanteras. Market insiders say that the buying of gold has picked up since last week. Dhanteras is on November 6. Till then this bullishness in the market will continue.

How cheap did gold fall from all-time highs?

On Monday, the price of 10 grams of gold rose to Rs 1.37 lakh in Mumbai’s bullion market. Just a month ago, the price was Rs 1.48 lakh per 10 grams. Compared to this year’s highs, gold has become much cheaper. On January 29, gold hit an all-time high of Rs 1.80 lakh per 10 grams. India Bullion and Jewelers Association National Secretary Surendra Mehta estimates that gold sales may increase by 10 to 12 percent this Dhanteras compared to last year. Dhanteras is considered the most auspicious day for expensive shopping.

Increase in advance bookings for weddings

Not only has the fall in prices increased festive shopping, people are also placing advance orders for the upcoming wedding season. Many families stopped their purchases when gold prices were rising rapidly. Now the same pent-up demand is again seen in the market. Apart from gold jewellery, the demand for silver coins has also increased in the shops. Ramesh Kalyanaraman, executive director of Kalyan Jewellers, said the softening of gold and silver prices ahead of Dhanteras is a big relief for customers who were waiting for decent rates. According to him, there has been a significant increase in the number of customers at the showroom over the weekend.

Demand for 18 carat jewelery to handle the budget

The reduction in prices has helped consumers a lot in managing their budgets. Vipul Shah, Executive Director, Aura Jewels, says that due to the fall in prices, customers can now opt for slightly heavier jewelery or better designs within their old budget. However, gold prices are still very high compared to the old times. So, in order not to break their budget, people are focusing on light weight jewellery, low carat gold or small budget purchases. According to Ramesh Kalyanaraman, the 18 carat collection makes it easy for customers to buy traditional designed jewelery at low prices.

Customers are looking more at design than metal

This festive season is witnessing a major change in consumer preferences. Gurukirthi Gurunathan, co-founder of Tata Group company Caratlane, says that this time consumers are giving more importance to the design of the jewelery than the metal or the price. According to him, apart from light diamond pieces and studded jewelry for daily wear, the demand for solitaire in the market is very high. The overall decrease in prices is showing happiness on the faces of the customers. Jewelers are also hoping for bumper earnings this Dhanteras.