Mumbai: Two leading retail jewellers, each having over two dozen stores pan India, have posted 15-40% higher sales by value this Dhanteras, and one of them has even surpassed last year’s volume by 15%.
Aditya Pethe, Director, Waman Hari Pethe Jewellers, attributes the 15% higher sales and hitting almost 90% of last year’s volume at Dhanteras to consumers combining festive and wedding demand.
He added that as Dhanteras buying set the tone for the rest of the fiscal, robust sales on November 13 were an indication of “good demand” going forward.
“The washout in the first half will be made up to some extent by the sales in the remaining four months of the fiscal (FY21) and this will help us post 60% of FY20 sales,” Pethe said. “The premise of wedding purchases being combined with Dhanteras was made because of higher sales of heavy weight ornaments , normally used for on such occasions.”
Customers buy coins and light weight jewellery on Dhanteras with wedding purchases happening a day or two later.
Amit Modak, CEO, PN Gadgil & Sons, claimed 40% higher sales and 10-15% more volumes than on the year ago occasion.
The reason for volume growth was pent up demand, as both Gudi Padva and Akshay Tritiya buying earlier were almost totally impacted by the national lockdown.
An “interesting” facet this year were 80% higher sales of diamond jewellery, at PN Gadgil & Sons’ outlets . The reason for this format could not be ascertained yet, but would be in “due course.”