According to the latest report of the National Sample Survey Organisation (NSSO) on ‘Household Consumption of Various Goods and Services in India’; gold seems to be the most sought after durable item for Indian households and it is clearly perceived as the safer bet even compared to real estates.
India’s love affair with gold is timeless, spanning centuries and millennia. In India, gold was always and still is, much more than just a precious metal. It is a part of the fabric of our culture and an inseparable part of our belief system. Indian households buy gold in marriages; buy them in festivals, and in family celebrations.
Come Dhanteras and Indian households go overboard to buy golden ornaments. Jewellery makers across the country tap the market with all conceivable promotional ideas. Indeed, when one talks about India’s love for gold, one tends to focus on Diwali and the wedding seasons late in the year. Giving gifts of beautiful gold jewellery during these festivals is considered auspicious in India.
The Diwali festival begins with Dhanteras. It marks the beginning of the five day festivities of Diwali. Hindus consider this day to be extremely auspicious to make new purchases, especially gold and silver articles and new utensils. It is believed that new ‘dhan’ (wealth) in the form of precious metal is the sign of good luck. Dhanteras has now come to be known as the most auspicious occasion for buying gold, silver and other metals.
This is reflected in the volume of sales of the yellow metal on the Dhanteras day. According to a rough estimate, jewellers across Maharashtra alone raked in about 450 crore on Dhanteras day last year, compared to 325 crore in the previous year. This was despite a long strike in the jewellery market prior to Dhanteras.
The jewellers came up with a bonanza of offers, such as free silver and gold coins, discounts on making charges, free gifts such as mobile phones and washing machines, and lucky draws that include cars and LED televisions to woo customers.
This story is from the November 1 - 15, 2018 edition of BUSINESS ECONOMICS.
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This story is from the November 1 - 15, 2018 edition of BUSINESS ECONOMICS.
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