Gold Prices Surge, Affecting Dhanteras Sales; All India Gem and Jewelry Council Predicts 5% Drop

Pune, 30th October 2024: Gold prices have been steadily increasing over the past few days, significantly impacting sales on Dhanteras, celebrated on Tuesday (29th October). The All India Gem & Jewelry Domestic Council (GJC) has projected a 5% decline in Dhanteras business this year compared to last year, attributing this to the sharp rise in gold prices.

Dhanteras, traditionally considered an auspicious occasion to buy gold, saw a slower start in Pune’s jewelry markets, with fewer customers till noon. However, a surge in footfall was witnessed in the evening as customers queued up to make their purchases. Saiyam Mehra, Chairman of the GJC, noted that despite the price hike, sales on Dhanteras could reach 20 tons of gold, similar to last year, but added that the higher prices may dampen overall sales volume.

In Mumbai, gold prices soared to ₹78,745 per 10 grams, while silver prices climbed to ₹97,873 per kg. In Delhi, the bullion market recorded gold prices at ₹81,500 per 10 grams, and silver reached ₹99,500 per kg.

Suvankar Sen, Managing Director and CEO of Senco Gold and Diamonds, expressed concerns over the price hike, predicting a 12-15% drop in sales volume for Dhanteras. However, he added, “With higher prices, the overall business could increase by 10-12% compared to last year, driven by a growing demand for lightweight jewelry, particularly among working women.”