Dhanteras begins on positive note; jewellers expect footfalls to increase

Mumbai: Dhanteras, spread over two days of the weekend, got off to an auspicious start on Saturday as consumers began trickling into markets, with jewellers expecting the momentum to increase towards the evening.

Dhanteras, which marks the first day of Diwali in India, is considered an auspicious occasion to buy gold and silver as part of Hindu festivities.

"Since the day has just begun, the footfalls are just trickling in. As this year Dhanteras is spread over the weekend, we expect the momentum to increase towards the afternoon and evening and tomorrow.

"Mainly, since morning people who had pre-booked, are coming to pick up the items to avoid the crowd," All India Gem And Jewellery Domestic Council chairman Ashish Pethe told PTI.

Since the last 3-4 days the consumer sentiment has been good and the sales momentum has been positive. The industry expects a good two days of business, he added.

PNG Jewellers Chairman and Managing Director Saurabh Gadgil said in Maharashtra, the footfalls have been quite good since morning as people are coming in to either pick up their pre-booked jewellery or to buy gold and silver coins.

"We are seeing a good amount of people flocking in to pick up their pre-booked items. Also, a lot of young people are coming in to purchase gold and silver coins this year.

"Overall we expect a good Dhanteras this weekend as the gold price at around Rs 47,000 per 10 grams is also supportive to the demand," he added.

Uttar Pradesh-based Aisshpra Gems and Jewels Director Vaibhav Saraf said the footfalls are slow as the day has just begun.

"But looking at the momentum of the last 3-4 days, we expect the footfalls to increase towards the afternoon and the evening. Overall we expect it to be a good Dhanteras this year," he added.

All India Gem And Jewellery Domestic Council Vice Chairman Saiyam Mehra said footfalls are just beginning in Zaveri Bazar in Mumbai and "we expect it to gather momentum after 2 pm when the Dhanteras muhurat (auspicious time) begins till 6 pm on Sunday." Senco Gold and Diamonds Managing Director and CEO Suvankar Sen opined that there has been a lot of positivity since Friday.

"Moreover, as this year Dhanteras falls on a weekend, we expect it will be very good. Footfalls are steady since morning and are mostly for the pre-booked orders," he noted.

The momentum is expected to increase in the afternoon and evening, mostly after 2 pm when the muhurat for Dhanteras begins, he added.