Gold sales up 35% y-o-y this Dhanteras

25 Oct 2022 , 10:03 AM

Despite inflationary pressure, gold sales increased 35% this Dhanteras compared to last year. This year’s Dhanteras, which was celebrated on Saturday and Sunday, saw growth for both light and heavy-weight jewellery.

Purchases of bridal jewellery for the approaching wedding season, which runs from November 15 to December 15, have also contributed to the increase in sales. As millennials have increased their online gold purchases, digital channels have grown by 35—40%.

On Dhanteras, the cost of 22-carat gold, which is primarily used to make jewellery, was roughly 45,857 rupees per 10 gm.

The country’s largest consumer of gold, South India, has seen an increase in demand for plain gold jewellery.

According to Joy Alukkas, chairman of the jewellery retail chain Joyalukkas, who talked to ET, “all our outlets have seen a 35% increase in sales.” “Since Saturday night, when the auspicious Dhanteras season began, there has been a significant increase in foot traffic. Jewellery made of pure gold is more in demand.”

According to Senco Gold & Diamonds, a company based in Kolkata, there has been a significant increase in demand for men’s jewellery, particularly chains and rings.

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