Festive season for jewellers as Indians rush to buy gold

 18 Oct 2017 - 1:16

Festive season for jewellers as Indians rush to buy gold
Indian expatriates purchasing gold at Malabar Gold and Diamonds showroom in Al Watan Center, yesterday, in view of Dhanteras and Diwali. Pic: Abdul Basit / The Peninsula

By Sanaullah Ataullah / The Peninsula

Customers- mostly Indians- rushed to gold showrooms yesterday to buy jewellery on the occasion of Indian festival - Dhanteras. Huge crowds were spotted at various gold shops specially those selling gold jewellers of Asian designs as many Indians consider it auspicious to buy gold on Dhanteras.

Gold retailers said they witnessed 20-30 percent rise in the gold selling on Tuesday compared to other days.

“There was surge in gold demand today. We achieved 75 percent of the sales target by 7 pm, and we hope that our sales will be more than 20 percent compared to sales on last Dhanteras,” said Santhosh TV, Regional Head, Malabar Gold International WLL.

Most of the buying for jewellery while demand of gold coins and bars were comparatively less in demand. Regarding the demands of other items on this occasion, the manager said that some customers also opted to buy diamonds as new generation like it more.

“Customers were interested in jewellery. Apart from gold, Diamond was also favourite of customers. We have launched several promotions which attracted customers,” said Santhosh.

Dhanteras, which marks the beginning of the immensely popular Hindu festival of Diwali, is considered to be an auspicious time to buy new utensils, gold and silver.

A recent price fall of gold is another reason to attract the customers, said the Traders. “We are receiving growing number of customs since morning because of Dhanteras festival,” manager of a Gold Shop operating at Doha Downtown told The Peninsula. Speaking on today’s rate of gold, a shopkeeper said a gramme of 22 carat gold is currently trading at QR149 per gramme in Doha lower from QR154 per gram last month.

Similarly, prices of one gramme of 24 carat gold came down to QR159.5 from QR163 per gram by the beginning of last month, said the shopkeeper. The excited customers told The Peninsula that they buy gold jewelries on this day every year.

“Today is Dhanteras, according to Hindu belief it is auspicious day, so we buy some gold jewellery for my daughters on this day every year,” Anandita Das, a mother of a three daughters told The Peninsula.

Speaking on the prices of gold jewellery, Das said that she had saved some money to buy jewellers for her daughter on this day regardless of fluctuating prices. “I bought today a locket, a pair of air rings and two bangles,” said Das.