All set to cater Dhanteras 2020 jewellery!

 

Big-ticket purchases of everything including jewellery during the festive season 

Ahead of Dhanteras, jewellery fraternity get expressed upon their view vibrantly! Let’s learn the trend today at the juncture of Dhanteras 2020 is on November 13! Let’s embark upon those views! 

Somasundaram PR, Managing Director, India, World Gold Council: “Gold has always been integral to festivals and celebrations in India, particularly so during Dhanteras, Diwali, and the ensuing wedding season. Millions of Indians believe that purchasing gold during the auspicious occasion of Dhanteras will usher in good fortune and wealth. 

Reflecting this sentiment, this year, Dhanteras is likely to mark the onset of a modest buying period, providing some respite after a prolonged phase of suppressed demand and subdued activity due to current pandemic. A part of this latent demand is expected to resurface, although lifetime-high prices and the shadow of Covid will continue to impact overall sentiment and lead to a “wait-and-watch” approach by the consumers. 

Digital gold providers like SafeGold, Augmont and MMTC-PAMP and other online platforms could find this period very conducive for increasing volumes and for broadening the consumer base. 

Large retailers are relatively better placed than the small unorganised, unbranded stores as they engage with their consumers digitally and alter their in-shop experience building in safety measures. 

This Dhanteras is special as the situation is challenging but the hope and the thirst for recovery is much stronger than ever. Gold, the most ubiquitous Dhanteras investment, is the best performing asset class and in addition, the higher savings following drop in consumption expenditure of many households as a result of lockdown could flow to gold.” 

Aditya Pethe, Director, WHP Jewellers said, “We are expecting this Dhanteras to be the best period for the entire year. There is a pent up demand in the market due to the pandemic, as mainly many weddings were postponed. They are now going to be held in this quarter and Consumers have started buying jewellery for the same since Navratri. 

Ishu Datwani, Founder, Anmol, “Expecting Dhanteras numbers to be like last year, very positive swing in October which is continuing in November, won’t be very surprised if we even exceed last year’s numbers.

Tanya Rastogi, Director, Lala Jugal Kishore Jewellers, “As an industry, we were quite unsure what to expect, looking at how the sales were going just post the lockdown. 

The industry was down to almost 90%, even with a small recovery that we all saw; it was hardly a 30-40% recovery that we witnessed. Though with the arrival of Navratri, the market has been buoyant and most of the industry has witnessed almost a 90% recovery in terms of the sales that were seen last year. All the pent up demand from March and April, the weddings that were postponed has now been scheduled for this quarter and we’ve been seeing a prolific Navratri.

Of course, our industry as a whole needs it as well, considering the kind of year we’ve had. Owing to the returns that Gold has been giving this year, i.e., almost 30% of returns since Jan, investors are now more interested in buying Gold. Keeping all these factors and trends in mind, we’re looking forward to a good Dhanteras. 

Vaibhav Saraf, Director, Aisshpra Gems and Jewels, “We are witnessing a steady growth in walk-ins and customer is been steadily booking jewellery for delivery on Dhanteras. High gold prices have once again bolstered customer confidence in jewellery and overall we are expecting a growth of 10-15% on a festive season basis. 

Snehal Choksey, Director, Shobha Shringar Jewellers said, “One of the most auspicious days of the year for buying gold is Dhanteras. We expect 75% of the business as compared to last year in volume terms; we are seeing a reversal of sentiments since the last 1 month which should get better each passing day. 

Dr Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, “We are very bullish for a strong bounce back in business for this Diwali season. If you look at this festive season, right from Navratri- Dussehra to now, the footfalls are fairly regular and the market seems to be in revival mode. We are seeing a clear trend of Agri- business backed families spending more, rural India is showing more consumption appetite than the metros.

Gold is still the most favoured purchase for the festive season. A lot of people including millennials and first time investors are favouring gold as an investment option. We are also seeing strong bookings in light-weight and wearable jewellery to be picked up for Dhanteras and Diwali besides bullion products.

Secondly, a clear verdict in the USA elections will ensure that there is stability in gold prices globally. A stable government in the USA will also call for a stimulus for economic revival. Any kind of stimulus creates a positive environment for gold, so gold in the short term looks to be in a bullish phase.

Dhanteras and Diwali are falling over a long weekend and within a 4 day period. We are expecting a lot of footfalls across all our stores during this short span of time. 

We are expecting to do business of around 85% of last Diwali in quantity terms and most certainly we will exceed last year’s business in value terms since gold prices have risen in these last 12 months.” 

Kotti Srikanth, Owner, the Diamond Store by Chandubhai said, “The pandemic does not seem to have dampened the spirit of our patrons. We have witnessed a combination of wedding purchases and also lightweight purchases.

Since July this year, we have been seeing a 15% increase in sales month-on-month basis. There was a surge and pick up in diamond sales in October and in November it is expected to increase at 20%. Lightweight diamond jewellery with contemporary & unique designs is some of the biggest trends this season. 

The way people shop has tremendously changed over the last one year. Apart from physical buying, online buying is catching up. People, who usually spend on vacations and other entertainment, prefer to invest the money in jewellery buying. Additionally, with restriction on the number of guests in the marriage ceremony and events, a lot of money is being saved and this has further buoyed sales. 

Jewellery has always been perceived as an asset in India and Indians typically make big-ticket purchases of everything during the festive season, which typically begins around October and lasts until the end of the year”