Dear gold, silver push Dhanteras patrons to devices, brass & copper | Kolkata News

Kolkata: With gold and silver costs hovering excessive, past the attain of middle-class customers, Dhanteras shopping for is steadily diversifying into different metals like brass and copper, other than a renewed curiosity in white items. City jewellers, who’re anticipating a dip when it comes to the amount of gold bought throughout Dhanteras, are inserting extra orders for silver cash and costume jewelry to bridge the hole.With the value of gold crossing Rs 1,25,000 per 10 g final week, patrons have turn out to be jittery over buying the yellow steel throughout Dhanteras this yr. In the previous yr, the value of gold, of 24 Karat purity, elevated by greater than Rs 44,000 per 10 gm. The value of 24 Karat gold has really doubled up to now two years.At the Multi Commodity Exchange (MCX), silver was buying and selling at Rs 1,71,085 per kg. Silver value was Rs 1,62,432 on Oct 10 and Rs 1,58,112 on Oct 9.“While the market was getting adjusted to the increasing trend of gold prices, buyers are now finding it difficult to adjust to gold prices. While that has prompted many jewellers to diversify into other products, people have also resorted to other metals,” mentioned Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India.“The middle class, which used to buy precious metals during Dhanteras, has now gradually shifted to brass and copper. Some of them are delaying buying a new mobile handset or a refrigerator for Dhanteras,” mentioned Shaloo Bahal, a resident of New Town.Kamal Nandi, enterprise head and EVP of the home equipment enterprise of Godrej Enterprises, felt that the festive season has already begun on a stronger observe this yr, buoyed by enticing festive provides and a discount within the GST. “Sales momentum can be seen across both premium and mass segments for all product categories. We are optimistic about an equally positive Dhanteras ahead. Growth is being seen across categories, with washing machines leading the pack,” he mentioned. The firm is over 40% progress in the course of the festive interval this yr.According to B Thiagarajan, managing director of Blue Star Ltd, whereas the choice to purchase an air conditioner is just not impulsive however pushed by want and climate situations, there is a rise in gross sales post-GST discount. “We have been seeing higher sales since the GST reduction. People might decide to buy ACs before Dec, instead of waiting for the summer,” he mentioned.City jewellers, who’re making an attempt to compete in a unstable market, are getting ready to cater to the pockets of the patrons. “We have introduced hallmarked silver coins ranging between Rs 1,500 a piece to Rs 15,000 apiece. Orders with the artisans for silver coins and jewellery are at least 30% higher this year,” mentioned Shubadip Roy of Bengal Jewellery.“At least 15% of Dhanteras buyers have a budget of around Rs 5,000. There are gold beans, miniature Ganesha idols which they may opt for. Buyers with a budget of Rs 10,000 can even opt for silver jewellery. Demand for that is quite high now,” mentioned Suvankar Sen of Senco Gold & Diamonds.