With the Diwali festive rush, India Post has already sold 215 kg worth of gold coins in the last one year. With the festival of
Dhanteras on Thursday, jewellery shop owners have gold dust in their eyes and are rubbing their hands in anticipation of big purchases in the offing.
Both private and public sector banks are busy peddling gold coins hoping to cash in on the festive fever. Actor Salman Khan has used the oppurtunity to launch ‘Being Human’ coins in association with a jewellery brand.
Wholesale dealer in Chandni Chowk Vimal Goel says sales are three times higher in October than August. "Despite the high price, we have seen an increase in demand after a year’s slump. Last year there was unprecedented increase in buying gold jewellery and medallions during Diwali but a sharp dip after that. People’s faith in gold has been restored and demand is higher than diamond and silver this year," Goel said.
Speaking on the rush of buyers for the festival of Dhanteras, Tarun Kanwar of Navrattan Jewellers in GK-I said, “For most people in North India, the festival is very important and so they do come out and buy gold and silver. But these are token purchases, normally not too expensive and are restricted to coins and small tokens like a chain or earings. But on the whole gold buyers increase during the festival season.”
Vikram Khanna of Khanna Jewellers in Karol Bagh said that the signs of recovery in the economy were showing in the gold market. “The number of buyers is picking up though it is not yet boom time. Sales are above average,” Khanna said.
Meanwhile, buyers say they don’t really have a choice and have to buy at whatever rate since weddings in the family cannot be postponed for gold prices. Ranjana Verma, who bought gold for her daughter-in-law on ‘karva chauth’ , said that things have changed over the last one year tremedously.
