Dhanteras was a reasonably glittering affair this year, with sales of gold and gold jewellery across the country clocking nearly 17 per cent rise over the past year. The rush for gold was despite the yellow metal becoming dearer by nearly Rs 3,000 per 10 grams in past 12 months.
Diwali shoppers bought 16 tons of gold worth Rs 5,250 crore on Monday at the time of going to press. Bullion traders said the sales figure stood at Rs 4,500 crore last year.
Experts say gold sale is being driven by consumers in recent times, with nearly 80 per cent of buyers going for wearable jewellery. The remaining sales happen in terms of gold coins and biscuits. Traders also linked the growing demand to the upcoming marriage season. Mumbai alone will see nearly 35,000 marriages, they said.
Saurabh Gadgil of PN Gadgil Jewelers said, "There has been 25 per cent growth in diamond sales over the last year and it is through organised jewellers. All this is happening as the gold market is currently bullish."
Experts say the rush for gold is riding on several factors. While the real estate market is heading south, extreme volatility rules the stock market. There are expectations that gold will give better returns, said an expert. Rural India too, market analysts say, is showing keenness to buy gold jewellery due to the availability of more disposable income. "Across the country, 15-20 per cent rise in the sale is recorded. Attractive discounts and other freebies are able to attract customers. They are clearly aware that gold will give better returns and it is the best hedge against other investment products for security purposes,'' said Surendra Mehta, national secretary, India Bullion and Jewellers Association.
Balram Garg of PC Jewellers in Mumbai attributed the boost in sales, particularly in rural areas, to the increase in minimum support price of various agricultural products.
Garg and Manish Jain of RL Jewellers both stressed that gold is still the best bet for higher returns.
At Sarafa Bazaar in Chandni Chowk of New Delhi, few jewellers said they sold more silver than gold. "The sale of silver coins, silver Lakshmi-Ganesh was more than that of gold-related items," said Yogesh Singhal, president of the Bullion and Jewellers Association, Chandni Chowk.
Traders in Ahmedabad welcomed the bullishness which has come after a two-year slump. "Even Pushya Nakshatra failed to bring footfalls. Dhanteras has saved the day for us. The demand is for biscuits, coins and jewellery of both gold and silver," said Jigar Soni, a local jeweller at a CG Road market.
In Jaipur, traders had similar stories to share. "The response has been good. People have been coming to shops to buy gold and silver this Dhanteras," said Kailash Mittal of Jaipur Sarafa Traders Committee.
(Inputs by Abhishek Tiwari in Jaipur, Sakshi Chand in Delhi and Keyur Dhandeo in Ahmedabad)
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 "Jewellery shop in Ahmedabad")
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