The festive cheer of Dhanteras, traditionally marked by enthusiastic gold purchases, was significantly muted this year as skyrocketing gold prices forced consumers to rethink their spending. According to industry reports, jewellery sales across India witnessed a sharp 16% decline compared to previous years, casting a shadow over what is typically one of the most profitable periods for jewellers.
Record-High Gold Rates Dampen Festive Spirit
Gold prices have been climbing steadily, reaching unprecedented levels that gave many potential buyers pause. The precious metal touched nearly ₹60,000 per 10 grams in various markets, creating a psychological barrier for consumers who typically splurge on Dhanteras, considered an auspicious day for buying gold and silver.
Patna Markets Report Subdued Celebrations
In Patna, the capital city of Bihar, the usually bustling jewellery markets presented a surprisingly quiet picture. Shop owners reported significantly lower footfall despite extensive decorations and promotional offers. "We haven't seen such low sales during Dhanteras in years," commented a veteran jeweller from the city's prominent market area.
Consumers Opt for Smaller Purchases
Market observers noted a distinct shift in consumer behavior:
- Many buyers opted for lighter jewellery items or coins instead of heavier pieces
- Several customers chose silver items as a more affordable alternative to gold
- Some families decided to postpone their gold purchases entirely
- There was increased interest in gold exchange programs
Economic Factors Behind the Trend
Multiple economic factors contributed to this downturn in gold sales:
- Global economic uncertainties driving gold prices upward
- Weakening rupee against the US dollar
- Rising inflation affecting disposable income
- Increased import duties on gold
Industry experts suggest that this trend might continue through the wedding season unless there's a significant correction in gold prices. The situation has raised concerns among jewellers who depend heavily on festive season sales for their annual revenue.
