Traders attributed the spurt in buying to a sharp fall in gold prices which are ruling at Rs 27,925 per 10 grams in the national capital, about 11 percent lower than Rs 31,300 per 10 grams on Dhanteras day in 2013.
    
MMTC-PAMP India President (Marketing) Vipin Raina said, "It seems consumers are on buying spree this festival we have sold our entire stock of gold and silver coins. We had minted 1.5 lakh pieces of silver coins and 25,000 pieces (1.5 tonnes) of gold coins for sale during Diwali."
    
Jewellers said the buying activity remained robust in the first half of the day in most places. But more sales are expected in later part of the day with office-goers in bit cities coming for buying late in the evening. People are buying both jewellery and coins.
    
ORRA Jewellery CEO Vijay Jain said, "While consumer sentiment was slow in the last two quarters, from Dusshera onwards, there has been a significant pickup in demand especially for gold jewellery due to fall in prices".
    
"We see over 30 percent increase in sales over the last year," he said, adding that the company is giving promotional offers and sales are upbeat at 35 stores across the country.
    
Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables. It is largely celebrated in north and west India.
     
Echoing views, All India Gems and Jewellery Trade Federation, Regional Chairman (North) Vijay Khanna said: "Gold demand this Dhanteras is better than last year because of lower prices. The demand for jewellery is more than coins and bars as consumers are buying to meet their marriage demand."
     
Lower prices and promotional offers being announced by retailers is also driving the sales this time, he added.

MMTC-PAMP has sold both Royal Mint's gold and silver Sovereign commemorative coins as well as normal coins. "Total sales today are up by 40 percent from over the last Dhantera. Gold demand is robust on account of lower prices," Raina said.
     
"Gold sales are better than last year. Coin sales are higher than jewellery. We expect overall sales to increase by 15 percent as compared to last year," Suresh Verma of city-based Omsons Jewellers said.
     
Manoharlal Sarraf and Sons Jewellery Director Prabhat Shekhar also said, "Demand and sales are very good today. At our stores, jewellery is being sold maximum. We expect about 25-30 percent increase in sales at the end of the day."
     
Sharing a different view, Riddisiddhi Bullions Limited (RSBL) Managing Director Prithviraj Kothari said, "Sales are not that great this Dhanteras as people are buying in small quantity due to tight liquidity."
     
India is the world's largest gold consumer. The country imported 92 tonnes of gold last month to meet Diwali demand.
    
Gold imports have risen in last few months and the government is mulling over further tightening of import norms to address widening trade deficit.

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Dhanteras: Gold, silver sales to surge on lower prices

 

New Delhi: Brisk buying of gold and silver on Dhanteras day on Tuesday is likely to push jewellery and coin sales by up to 30 percent compared to last year's.

Traders attributed the spurt in buying to a sharp fall in gold prices which are ruling at Rs 27,925 per 10 grams in the national capital, about 11 percent lower than Rs 31,300 per 10 grams on Dhanteras day in 2013.

MMTC-PAMP India President (Marketing) Vipin Raina said, "It seems consumers are on buying spree this festival we have sold our entire stock of gold and silver coins. We had minted 1.5 lakh pieces of silver coins and 25,000 pieces (1.5 tonnes) of gold coins for sale during Diwali."

Jewellers said the buying activity remained robust in the first half of the day in most places. But more sales are expected in later part of the day with office-goers in bit cities coming for buying late in the evening. People are buying both jewellery and coins.

ORRA Jewellery CEO Vijay Jain said, "While consumer sentiment was slow in the last two quarters, from Dusshera onwards, there has been a significant pickup in demand especially for gold jewellery due to fall in prices".

"We see over 30 percent increase in sales over the last year," he said, adding that the company is giving promotional offers and sales are upbeat at 35 stores across the country.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables. It is largely celebrated in north and west India.

 

Echoing views, All India Gems and Jewellery Trade Federation, Regional Chairman (North) Vijay Khanna said: "Gold demand this Dhanteras is better than last year because of lower prices. The demand for jewellery is more than coins and bars as consumers are buying to meet their marriage demand."

 

Lower prices and promotional offers being announced by retailers is also driving the sales this time, he added.

 

MMTC-PAMP has sold both Royal Mint's gold and silver Sovereign commemorative coins as well as normal coins. "Total sales today are up by 40 percent from over the last Dhantera. Gold demand is robust on account of lower prices," Raina said.

 

"Gold sales are better than last year. Coin sales are higher than jewellery. We expect overall sales to increase by 15 percent as compared to last year," Suresh Verma of city-based Omsons Jewellers said.

 

Manoharlal Sarraf and Sons Jewellery Director Prabhat Shekhar also said, "Demand and sales are very good today. At our stores, jewellery is being sold maximum. We expect about 25-30 percent increase in sales at the end of the day."

 

Sharing a different view, Riddisiddhi Bullions Limited (RSBL) Managing Director Prithviraj Kothari said, "Sales are not that great this Dhanteras as people are buying in small quantity due to tight liquidity."

 

India is the world's largest gold consumer. The country imported 92 tonnes of gold last month to meet Diwali demand.

 

Gold imports have risen in last few months and the government is mulling over further tightening of import norms to address widening trade deficit.