Mumbai (Maharashtra) [India], November 10 : As the nation gears up to celebrate the auspicious festival of Dhanteras and Diwali, Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council, has offered significant insights into the trends and anticipated sales patterns for this festive occasion.
Speaking for the gem and jewellery industry, Mehra shed light on the meticulous planning and careful preparation undertaken by jewellers in the run-up to Dhanteras.
Mehra indicated that the entire industry gears up for Dhanteras months in advance, diligently crafting and readying new jewellery items to cater to the burgeoning demand during this festival celebrated across India.
Mehra said, "Dhanteras is a festival during which jewellers commence preparations for their new jewellery items months in advance. The price of gold surged during the Shradh period and continued to rise, attracting customers to initiate bookings by the time of Shradh. Although Navratri sales didn't align with the previous year, a notable surge in pre-Dhanteras bookings began from November 2".
He added, "Last year, the sales amounted to around 20 tonnes, and this year, I anticipate a 5 per cent increase in sales volume. In terms of value, sales were approximately 50,000 last year, and this year they are expected to reach 60,000. Our projection indicates a 20 per cent growth in value terms for other gems and jewellery."
This year witnessed a notable surge in gold prices, which surged near the Shradh period. This increase in gold prices led to an early surge in consumer interest, prompting purchases well before the onset of the festive season.
While sales during Navratri did not meet the precedents set in previous years, a marked increase in pre-Dhanteras bookings was observed commencing from November 2, indicating a significant spike in the demand for jewellery.
Mehra offered an optimistic projection for this year's Dhanteras sales, estimating a prospective sales growth of around 5% in volume terms.
This translates to an anticipated increase from 20 tonnes of jewellery sales recorded last year to a projected 21 tonnes for the ongoing festive season.
Moreover, in terms of value, Mehra anticipated a substantial rise, expecting a noteworthy escalation from 50,000 to 60,000 this year.
Highlighting the industry's robust growth, Mehra asserted an expected 20 per cent surge in value for other gem and jewellery segments.
This notable upswing augurs well for the entire sector, reflecting a positive sentiment and heightened enthusiasm within the gem and jewellery industry.
The optimistic forecast and the promising sales projections for Dhanteras indicate a potentially vibrant festive season, signaling buoyancy within the gem and jewellery market.
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