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Gold jewellery sales doubled on the occasion of Guru Pushya Nakshatra, with retailers offering huge discounts on making charges.
The occasion is primarily celebrated across western states.
“We marketed today’s occasion differently this year. In all our advertisements, we mentioned all lucky stars are coming together on Thursday, after 95 years. Such an occasion will come only after 70 years, in 2085. Consumers had a rare opportunity to own a piece of gold. Therefore, all our 14 retail stores are witnessing bumper sales. We estimate we will record at least 100 per cent growth on Thursday,” said R K Sharma, chief executive of Delhi- based P C Jewellers.
Dussehra, which marked the beginning of this year’s festive season, recorded a jump of about 30 per cent in jewellery sales. Sharma said the robust sentiment would continue through this season. Tribhovandas Bhimji Zaveri and Reliance Jewels attracted customers through massive discounts. The two companies offered flat discounts of 50 per cent and 100 per cent, respectively, on making charges.
In a shift, jewellery retailers are identifying celebrations across geographies to boost sales, rather than advertisements and event sponsorships. In line with this, they have targeted Guru Pushya Nakshatra for western states.
On Thursday, steady gold prices added to the robust sentiment. Standard gold rose two per cent in the domestic market to hit a six-week high of Rs 27,925/10g on festive buying and depreciation in the rupee against the dollar. The commodity traded at $1,240-1,242/oz in London.
The sharp rise in prices in India was largely attributed to spot premia sharply rising to $40/oz on Thursday from $10-15/oz on Wednesday.
To attract customers, companies such as P C Jewellers have highlighted the recent spurt in gold prices—-from $1,200 an oz to $1,240 an oz—- in the past few days. “We also alerted customers about the possibility of a price rise. Therefore, we are expecting robust sales this festive season,” said Sharma.
Meanwhile, gold imports into India have risen. While imports had fallen to 12 tonnes in September 2013, following stringent norms imposed by the Reserve Bank of India, imports in September this year stand at about 90 tonnes. Market insiders said this was largely because star and premier trading houses stepped up imports.
"Jewellery sales certainly increased today on steady gold price as consumers rushed to cash in on the opportunity on the auspicious occasion," said Haresh Soni, Chairman, All India Gems & Jewellery Trade Federation (GJF).
Dussehra, which marked the beginning of this year's festive season, recorded around 30% jump in jewellery sales. Sharma believes that the robust sentiment will continue throughout this season.
Jewellers like Tribhovandas Bhimji Zaveri and Reliance Jewels attracted customers through massive discounts. The two companies offer flat 50% and 100% discount on making charges respectively.
