Diwali Has Jewellers Exhilarated; Sales Almost Hits Pre-Covid Levels

Lights of Diwali have brought a shine on the G & J business as retailers are counting profits this season. Here’s what they have to say…

Post By : IJ News Service On 17 November 2020 9:03 PM

Diwali is the season of plenty. Indians living across the world decorate their houses and adorn themselves with finest of jewellery and clothes throughout the four days of Diwali. Buying jewellery on Dhanteras is an age-old tradition. According to Ramchandra S, an expert on Vedas and Hindu scriptures “Dhanteras is considered as one of the most auspicious days in a year to buy gold and other precious metals.”

People went all-out for Diwali purchases

This is also the time to flaunt the best of your adornments and people all across India have done just that. The recent lockdown had prevented the masses from splurging as per their choice and they went all-out during Diwali. “During Diwali season, sale of jewellery both gold and diamond jewellery was fantastic. A lot of purchases were for high value jewellery. On Dhanteras we had close to 40 percent hike in sales. We hadn’t anticipated that this year’s sale would exceed last year’s sale during the same season. We thought sale during Diwali would increase by 20-30 per cent of say sales in the months prior to Diwali. But it exceeded all our expectations. People bought heavy gold jewellery while some purchased light weight jewellery as well,” informed Ankur Anand, Harsahaimal Shiamlal Jewellers, UP.

Gold jewellery sale supersedes all other sales

Demand for diamond jewellery too was fine, although gold is what everyone bought.  According to Vicky Badera, Panchkesari Badera Jewellers, Bangalore, “During the four days of Diwali we saw the best sales happening in recent times, since the pandemic struck. Demand for gold – both heavy jewellery coins and light weight items was high.” Customers bought jewellery as per their requirement. Many people purchased jewellery on Dhanteras. Gold jewellery buyers are sure of the fact that in the long term prices will surely increase – though some fluctuations are likely in the near future. People are cashing in on this belief.

Bridal jewellery buying is high

Says Mansukh Kothari, Vasupati Jewellers, Mumbai, “In the next six months a lot of weddings have been scheduled. Since the size of weddings has come down, due to restrictions on inviting number of people for weddings; families are keen to invest in bridal jewellery – heavy gold jadau and diamond sets are preferred. Today’s bride does not want to compromise on size of high value jewellery. They insist on elegant designer, exquisite jewellery sets in gold and diamond. Since many families have been able to cut down on a lot of extravagant expenses during lockdown, families too can afford to spend more on jewellery.” Families want to buy the best jewellery sets available for their daughters and daughters-in-law. They will not settle for less weight, since now they have the money to invest on jewellery.

Sale has nearly reached pre-Covid days

As compared to last year’s Diwali this time also sale was nearly the same. “Here, we have more buyers for jewellery, few buyers come in for gold coins. Gold jewellery sale was surely higher than that of diamond jewellery. We have buyers who come in with precise plan to buy what they want. They don’t come merely to look at designs or what is on offer,” explains Subhas Kamath, Abharan Jewellers, Udupi.

During Diwali many stores had good sales. There was demand for heavy bridal jewellery, and on the occasion of Dhanteras demand was on an all-time high. “Returns on investment is what many buyers look for in buying jewellery – that is why people prefer gold jewellery and not so much of diamond jewellery,” informs Gurmukh Singh (Ram) Neelkanth Jewellers, Bengaluru. People are stepping out and buying the jewellery of their choice they are no longer resorting to checking online catalogues and virtual try-ons. They prefer the touch and feel, when it comes to buying high worth jewellery. The scene is definitely looking brighter.

In some areas jewellery sales is yet to pick up. Sale during Diwali was alright, many people bought daily use jewellery. Due to rising price of gold, people bought jewellery as per their preference and their respective budget. All over the nation, people’s earnings have suffered, therefore the demand is there but it is yet to reach pre-Covid19 days. “Grammage wise sale is less. During the last few months sale was practically nil, so as compared to that situation is better. Earlier, the sale was just 30 per cent of usual sales at present it is nearly 70 per cent of usual. There is a clear increase in sales. All the same, one would say it is yet to reach pre-Covid19 days,” Pankaj Khurana, Khurana Jewellers.

On the whole, this Diwali has lit up the faces of jewellery retailers across the nation and brought profits to the whole G & J sector with a promise to improve the situation in future.

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