Gold sparkles less this Dhanteras, silver shines

Jewellers approached this Dhanteras hoping that the day's sales would provide a breather in a year marked by sky-high gold prices.

- RAJESH BHAYANI & ANUSHKA BHARDWAJ

As morning came, though, their hopes were dimmed by the sight of thinly populated showrooms - empty counters on what is usually the busiest shopping day of the year for precious metals.

But by afternoon, a stream of customers began trickling in, and by evening, it had become a crowd - still gold sales Volume remained underwhelming, according to a section of jewellers.

"Silver sales rose 33 per cent today, while gold Volume fell by 15 per cent," said Surendra Mehta, National Secretary ofthe Indian Bullion and Jewellers Association (IBJA). He explained the shift as a search for returns amid high gold prices, with silver perceived as a more practical investment. Gold sales, according to Mehta, were expected to reach 35 tonnes this Dhanteras, lower than last yearis 42 tonnes. Gold prices have climbed 30 per cent since last Diwali; 10 gm standard gold was trading at ₹78,430 on Tuesday, up O.6 per cent from last close.

At Senco Gold & Diamonds, with 160 outlets across the country, foot traffic was strong, though volume had slipped by 12 to 15 percent. Despite this, CEO Suvankar Sen said, he was expecting a 10 to 12 per cent gain in value terms.

For Senco and others, the dual perspective reflected a larger story across the industry: Buyers are being forced to recalibrate their budgets, choosing lighter pieces, simpler designs, or shifting to silver. Many stores anticipated an eventual "value gain," hoping higher gold prices would offset lower volumes.