Jewellers India eye on Dussehra jewellery sales!

Biggest single day for jewellery shopping in India! 

"Dussehra is the biggest single day for shopping in India in the entire year. This year, Dussehra falls on a Sunday. We are expecting a very good response for sales this year with an increase in weekend footfalls. 

We are expecting a strong recovery not only in terms of picking up pre-booked jewellery but also with fresh buying. Pre booking of jewellery for Dussehra is already showing a very significant number. Also, on this day in Maharashtra, people buy what we call, “Apta Paan” in pure gold, a betel leaf which is gifted by the family elders to the younger generation. 

Legend has it that this tradition was started when victorious Maratha soldiers would bring in gold and other spoils of war. These things were presented before God as an offering or given to near and dear ones. 

In remembrance of this tradition, people started exchanging “Apta Leaves” as a symbol of gold distributed by Maratha warriors. It is considered to bring good luck and is also a great investment for the next generation. 

We are also seeing significant demand in diamond jewellery in a year that was considered to be a year of gold. 

Overall, the season looks to be in full swing with Dussehra and Diwali falling in two different months. This will again help the trade to push sales with two different occasions for jewellery shopping. 

With the markets opening up in the new normal, we are hoping that in quantity terms we will be at par with last year. Value wise, the industry will fare better than last year since gold prices have gone up. Gold rates shall more or less remain between the 49,000- 51,000/10 grams mark. 

The next big trigger for change in gold rates will be the USA election results slated for the 3rd of November 2020. However, with the volumetric increase in Postal and online ballots, the results may be declared with a postponement of 10-12 days. Till the end of Diwali we don’t see any significant movement in gold rates unless there is a major disturbance. All in all it looks like a strong recovery in the jewellery industry" said Dr. Saurabh Gadgil, PNG Jewellers at the occasion!