Kolkata: The dip in gold and silver prices has come as a welcome relief for buyers just ahead of Dhanteras and Diwali, bringing festive cheer to Kolkata’s jewellery market. With precious metal prices retreating significantly from their record highs, jewellers are already witnessing increased footfall and a pick-up in sales, as customers make the most of the opportunity to buy silver and gold ahead of the twin festivals.Silver has seen a particularly steep correction. The metal, which had touched Rs 4,50,000 per kg earlier this year, was selling below Rs 1,80,000 per kg on Tuesday. Gold prices have also eased from their all-time highs, with 22-carat gold selling at a little above Rs 1,27,000 per 10 grams on Tuesday, against its previous high of Rs 1,42,705.Jewellers said the fall in prices has improved buying sentiment considerably, in contrast to last year’s festive season when record-high prices had kept many customers away.
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“The recent correction has had a positive effect with the consumers starting to buy jewellery for Diwali and weddings. We are definitely looking at a very strong festive season compared to last year as the gold prices have stabilised. Customers are buying silver jewellery more compared to silver coins as they can wear the pieces for various occasions. A lot of silver utensils and artefacts related to Kali Puja are also being purchased,” said Annargha Uuttiya Chowdhuury, partner, Anjali Jewellers.The correction has also encouraged customers who had been postponing their festive purchases in anticipation of a more affordable price point.“The recent softening in gold and silver prices, coming just ahead of Karva Chauth and Dhanteras, is a welcome development for customers who had been waiting for a more comfortable point to make their festive purchases. We saw fantastic momentum over the weekend as footfall picked up significantly across our showrooms, with gold sales gaining strong traction,” said Ramesh Kalyanaraman, executive director of Kalyan Jewellers.“This is one of the best times to purchase gold as prices have come down substantially from their all-time highs. At the beginning of the year, one could not have imagined buying at these rates. People purchasing now will only benefit, as gold prices do not stay low for long,” said Pramod Duggar, state president of the India Bullion and Jewellers Association and secretary of the Calcutta Gem and Jewellers Welfare Association.“Sales have definitely gone up in terms of volume since the price correction started. The increase has been around 25 per cent. We expect sales to go up further over the weekend during Dhanteras and Diwali,” said Argha Dutta of Dutta & Company, a jeweller in Bowbazar.“It is considered auspicious to purchase silver, gold or any other metal on Dhanteras. The way prices were surging a few months ago, I was not sure whether we would be able to buy anything substantial this year. But the recent dip has come as a surprise,” said Alka Jain, a resident of Kankurgachhi.
