Dhanteras fervour grips India amid soaring gold prices; GST reforms offer relief

NEW DELHI: Dhanteras marked the onset of Diwali festivities across India on Saturday, with bustling markets and enthusiastic buyers flocking to purchase gold, silver, utensils, and other auspicious items. Despite soaring gold prices, consumer enthusiasm remained high, providing a festive boost to local economies nationwide.

Jewellery shops and markets in states like Maharashtra, Madhya Pradesh, West Bengal, Uttar Pradesh, Chandigarh, Delhi, Rajasthan, Tamil Nadu, Odisha, Gujarat, and Goa saw heavy footfall as customers upheld the traditional buying spree.

Besides that, sweet shops have been taking the festival to a whole new level, with a Jaipur sweet shop offering mithai infused with 24-carat gold and silver.

Located in the city’s Vaishali Nagar area, this sweet outlet is grabbing attention this festive season with its ‘Swarn Bhasm Paak,’ made with 24-carat edible gold, and ‘Chaandi Bhasm Paak,’ made with silver ash. Prices range from Rs 45,000 to Rs 1.11 lakh per kilogram.

Behind these luxurious sweets is Anjali Jain, a Chartered Accountant turned entrepreneur, who says the idea was born from her fascination with Ayurveda and traditional Indian recipes. She added that she wanted to create something that was not only opulent but also meaningful.

“Today, this sweet is the most expensive sweet in India. Its price is Rs 1,11,000. Its appearance and packaging are also very premium. It is packed in a jewellery box, and its making includes Chilgoza, which is the most expensive and premium dry fruit today,” Anjali said.

Jewellery shops across cities witnessed heavy footfall throughout the day. In Jaipur’s famous Sarafa lanes, shoppers bought silver coins, utensils, pooja items, and gold coins with renewed zeal. Kailash Mittal, President of Jaipur Sarafa Traders Committee, noted a 30 per cent expected rise in sales compared to last year.

Kailash Mittal, President of the Jaipur Sarafa Traders Committee, while speaking , said, “It’s Dhanteras today, and business is good. Since morning, customers have been coming in a steady flow. The market is far from dull. People are buying everything, silver coins, utensils, pooja items, and gold coins. The response is really encouraging.”

In Bhubaneswar, Odisha, residents praised gold as a reliable investment amid inflation, with many visiting shops a day early. One of the local residents told, “Gold is one such commodity which retains its value even during inflation. It is a traditional way of investment. With the prices rising, we find it the best way to invest money.”

Mumbai also saw a similar rush across jewellery shops. Suresh Dagalia, owner of Khemraj Prithviraj Jewellery Company, said, “We have noticed an increase in the demand for silver. People have started realising it as a good mode of investment. Silver is a good option for investment in the future. There has also been a significant difference in the situation from last year.”

Gujarat’s Surat witnessed crowded jewellery shops throughout the day, with people buying gold and silver with great enthusiasm.

Deepak Choksi, Vice President of Surat Jewellers Association, added, “Due to the continuous rise in gold prices, there has been an impact on the sale of gold jewellery. Even though the demand has decreased, people are still following the tradition of buying gold on Dhanteras. The sale of gold grams has decrease,d whereas the customer base remains the same.”

The people of Rajkot also followed the tradition of buying gold and silver on Saturday. One of the customers said, “In comparison to last year, there is a decrease by 50-60 per cent. The wedding season is right ahead, and thus, people are making purchases. Given the current situation, people have more faith in gold than currency.”

The gold market in Gujarat’s Vadodara saw a significant 40 per cent dip in business on Dhanteras as many opted for token gold coins over jewellery.

Buyers are making minimal purchases in coins or just for wedding purposes due to the rise in gold prices. We have been noticing the dip in lower footfall over the past few months since the festive months commenced,” Jeweller Ramanand Gandevikar said.

Dhanteras festivities also left a mark on Uttar Pradesh’s Lucknow. One of the customers expressed delight over a recent decrease in gold prices. “Our government has appeared to provide us with the Diwali gift by reducing the rates. People are happy and they are celebrating Diwali with much zeal,” she said.

In Chandigarh, people in large numbers were seen rushing to jewellery shops to make their purchases on the day. “Dhanteras is considered very auspicious for buying gold. We have been witnessing good football so far. People are mostly making payments through cards as per the government norms. However, the GST rules remain the same. Owing to the value of gold and silver, people have understood its value,” said a gold seller in Chandigarh.

In contrast, Shimla’s Dhanteras festivities were subdued, with traders blaming natural disasters, inflation, and rising online shopping trends for weak sales. Despite GST reforms offering some relief, local markets struggled to match the previous years’ vibrancy.

Traders attributed the slowdown in festive business to multiple factors, including the aftermath of the state’s recent natural disasters, inflationary pressures, and the growing preference for online shopping.

Overall, while the Dhanteras festival brought some festive activity to the markets, traders remained disappointed as sales failed to match those of previous years. The combined effects of the recent natural disasters, inflation, and growing online competition have left traditional marketplaces struggling to regain their pre-disaster vibrancy.

Dhanteras, the first day of Diwali festivities, is dedicated to the worship of Siddhi Vinayak (Lord Ganesha), Goddess Mahalakshmi, and Kuber, the God of wealth and prosperity. It is considered an auspicious day for making new purchases. The day also honours Dhanvantari, the god of Ayurveda, believed to have bestowed medical knowledge upon mankind.

The festival marks the beginning of Diwali celebrations and falls on the thirteenth lunar day of Krishna Paksha (dark fortnight) in the Vikram Samvat Hindu calendar month of Aaswayuja, according to the Amaavasyanta Luni-Solar Calendar. (ANI)