Dhanteras, a silver lining

Kolkata: Life isn’t perfect, but jewellery can be. It has the power to make one feel unique and there’s always room for some more. No wonder city jewellers big and small are banking on Dhanteras — the thirteenth lunar day of Krishna Paksha when buying

gold

and silver is considered auspicious — to reverse the pandemic-induced lull in business. Lucrative offers, along with special festive collections, have been lined up to increase in-store footfall as well as online purchases in the run-up to November 2.

If industry insiders are to be believed, the scramble for jewellery purchase on Dhanteras started in Kolkata only around a decade ago. “Back then, most people bought silver. Over the next couple of years, the demand slowly shifted towards gold. And now, many buy diamonds as well. The rush begins a week in advance. Customers book early, apprehending an increase in the rates of silver, gold or diamond on the day of Dhanteras. Some even buy wedding ornaments because of the discounts on offer,” said Samar Kumar De, a partner at Guinea Emporium, which has been a retailer, wholesaler and exporter of 22ct gold jewellery since 1982.

Ajoy Chawla, the CEO of Titan Company’s jewellery division Tanishq, said they were witnessing “a positive momentum” in consumer mood this festive season. “People are looking to celebrate even small milestones. Pent-up demand, the overall festive spirit and wedding purchases are all converging to create a surge in both gold and diamond categories. We think this will continue beyond Dhanteras and Diwali,” he said.

Tanishq’s Diwali bonanza includes up to 20% off on making charges of gold and diamond jewellery. “Our festive collection ‘Utsaah’ features reimagined silhouettes with modern style and traditional motifs in geometric forms. Inspired by the patterns of Indian heirloom crafts, this collection is meant for those women who seek modernity and versatility, and have a discerning eye for designs,” Chawla added.

De, who is also the working president of Swarna Shilpa Bachao Committee and the COA of All India Gem & Jewellery Domestic Council, said the jewellery industry was picking up pace for the first time since the lockdown slump last year. “Business is up by 25% as compared to 2020. The focus of buyers is mainly gold jewellery; there is some demand for diamond too. This festive season, we look forward to regaining the lost market share,” he said.

A legacy for over eight decades, Senco Gold & Diamonds says its online

sales

have been going north. “Mydigigold.com — the platform for phygital gold business where the yellow metal is stored on the behalf of buyers and is redeemable against any purchase in the future — is piquing interest. Customers are reaping the benefit of low prices because the platform allows them the flexibility of converting their virtual purchase into physical gold at our retail outlets across the country. Besides, they can also sell the gold using the portal,” said CEO Suvankar Sen.

PC Chandra Jewellers is optimistic that the mass vaccination drive and enhanced public awareness about Covid-19 will help the jewellery industry do better this Dhanteras compared to last year. “Many people are now keen to invest in gold. In 2020, the industry had recorded low sales owing to the uncertainty that loomed large over the rollout of vaccines, besides cancellation of weddings, sporadic lockdowns, low customer footfall, dip in production, delayed deliveries, reduced manpower and limited operational hours for offline stores,” said Suvro Chandra, joint managing director of the leading jewellery house that was founded in 1939.

Despite the downturn, PC Chandra’s online business gained momentum. “The pandemic has changed consumer behaviour significantly; many people are shopping online. These purchases though include products in the price range of Rs 6,000 to Rs 25,000. The value of jewellery bought by people offline is much higher,” Chandra added.

Partha Roy of JK Roy Jewellers feels their festive sales will remain “more or less same” compared to last year. “Most purchases continue to be in the lightweight gold jewellery category. We are looking forward to Dhanteras and hope there will be a pleasant surprise in terms of sales. Our business turnover had reduced by 50% after the

Covid

outbreak. We are hoping to make a slow and steady recovery,” he said.


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