Industry basking in DIwalI Cheer

Diwali sales has brought a shine on the G & J business as retailers have begun booking good profits for the season. Here’s what retailers have to say

Post By : IJ News Service On 06 January 2021 6:46 PM

After several months of no activity, retailers are finally seeing some respite, thanks to festive cheer. People have bought jewellery during Dhanteras, owing to all the pent up desire to shop. Dhanteras, one of the most auspicious days in a year to buy gold and other precious metals booked good sales in various parts of the country.

Sales as good as previous years
As compared to last year’s Diwali, this time also sale was nearly the same. “Gold jewellery sale was surely higher than that of diamond jewellery. We have buyers who had come in with precise plan to buy what they wanted. They don’t come merely to look at designs or what is on offer,” explains Subhas Kamath, Abharan Jewellers, Udupi

Gold jewellery sale was surely higher than that of diamond jewellery. We had buyers who had come in with precise plan to buy what they wanted. They don’t come merely to look at designs or what is on offer 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 Ram Gurmukh Singh (Ram) Neelkanth Jewellers, Bengaluru. People are stepping out and buying 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.

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 Gurmukh Singh (Ram), Neelkanth Jewellers, Bengaluru

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 was less. During the last few months sale was practically nil, so as compared to that situation was better. Earlier, sale was just 30 per cent of the usual sales at present it is nearly 70 per cent of usual. There is a clear increase in sales. However, one would say it is yet to
reach pre-Covid19 days,” Pankaj Khurana, Khurana Jewellers.

Grammage wise sale was less. During the last few months sale was practically nil, so as compared to that situation was better. Earlier, the sale was just 30 per cent of the usual sales and at present it is nearly 70 per cent of the usual. However, one would say it is yet to reach pre-Covid19 days Pankaj Khurana, Khurana Jewellers, Amritsar

Diwali brought out the zest from the masses who were forced to remain indoors as they stepped out to flaunt the best of their clothes and jewellery. The recent lockdown had prevented them from spending 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 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 Rush
Demand for diamond jewellery picked up too, but still, it was not anywhere close to gold jewellery demand. 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.” 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.

Demand for bridal jewellery on the rise
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.” According to Hemant Shah, marketing guru, “People wanted a respite from the lockdown, retailers have to make the most of this situation by showcasing choicest of inventory so that they bag as many sales as possible. Sales personnel will have to gauge correctly what the client wants and show that so that every walk-in customer buys something or the other.” Gold is by far the best investment option available, the masses trust this fact and this presents retailers with an excellent opportunity to strike a deal. Despite the fact that the second Covid-19 wave induced lockdown can be announced anytime soon people are walking the streets freely, as if to make the most of the few days of freedom, before lockdown is announced in their respective cities.

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 Vicky Badera, Panchkesari Badera Jewellers, Bangalore

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