Dhanteras, also known as Dhantrayodshi, is being celebrated on Tuesday, November 2 this year. On this auspicious day, people believe that it is good to buy gold, silver and other metals in some form or the other. This is because buying this items is said to bring luck and wealth this day, as per religious beliefs. This is also the reason why jewellers give out hefty discounts on Dhanteras every year and the sale on gold and diamond jewellery witnesses a massive surge on the day. Not only jewellers, sellers of appliances, utensils and other such things also sell items at much lower prices to boot sales.
What is Dhanteras or Dhantrayodshi?
Dhanteras is celebrated to worship Lord Dhanwantari, as per Hindu folklore. It is also the day when goddess Lakshmi is largely believed to be visiting her devotees’ houses to bless them with wealth. This day also marks the beginning of the five-day long Diwali festival. As it falls on Tuesday this year, people are all set to buy gold, other jewellery and utensils to bring luck, wealth, and prosperity to their homes.
Offers on Gold, Diamond Jewellery
Jewellery companies like Senco Gold and Diamonds, PC Jewellers and Tanishq have announced that they are providing discounts and cashback on some gold and diamond products for the occasion of Dhanteras and Diwali.
Tanishq: Tata Group-owned Tanishq is offering as much as 20 per cent discount on the making charges of gold and diamond jewellery. This offer has started from October 17 and Tuesday is the last day to avail the discount.
PC Jeweller: PC Jeweller is offering up to 30 per cent discount on on making charges of gold jewellery. Apart from this, silver jewellery and articles are also on discount. Customers with ICICI Bank credit and debit card are eligible to get up to 7.5 per cent cashback on a minimum purchase of Rs 50,000. Credit card users will get a maximum cashback of Rs 7,500 while the upper cap is Rs 5,000 for debit card users. The offer is valid till November 7.
Senco Gold and Diamond: This jewelley company is offering a discount of Rs 225 per gram on gold jewellery. This means that customers will get Rs 100 off and Rs 125 of silver article on purchasing one gram of gold jewellery. Customers will also get free gold as well as up to 75 percent off on making charges of diamond jewellery. However, this offer is available at stores only for a limited period.
Joyalukkas: The jewellery firm is offering a Rs 1,000 gift voucher on buying diamond, uncut diamond and precious jewellery worth Rs 25,000. The offer will go up in multiples thereafter. Customers will also get a Rs 500 gift voucher when they buy silver worth Rs 10,000, and in multiples after that. A gift Voucher will be offered to customers who buy gold jewellery worth Rs 50,000. This offer is valid till November 5.
What Experts Say on Gold Sales
According to experts, gold sales are set to go up this Diwali after a downward run. Jewellers are hopeful of up to 30 per cent sales growth over the pre-Covid levels amid a faster-than-expected economic recovery, lower rates and pent-up demand.
“We are witnessing a growth in momentum since ‘Shradh’, the third quarter of the calander year, usually considered a subdued month for the industry. However, the drop in gold prices to around Rs 42,500 per 10 grams level resulted in uptick in consumer demand,” said All India Gem And Jewellery Domestic Council chairman Ashish Pethe ahead of the festival.
“Looking at the the positive consumer and market indications we expect 20-25 per cent growth in sales compared to 2019. We are witnessing this positive momentum from across the country,” he told news agency PTI.
World Gold Council (WGC) Regional CEO, India, Somasundaram PR on the other hand said, “With the upcoming festive and wedding season, there is all the more enthusiasm towards gold demand, and we anticipate it to be the busiest gold-buying season, since the start of Covid-19 pandemic.”
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