Pricey gold, silver push Dhanteras buyers to gadgets, brass & copper | Kolkata News – The Times of India

Kolkata: With gold and silver prices soaring high, beyond the reach of middle-class consumers, Dhanteras buying is gradually diversifying into other metals like brass and copper, apart from a renewed interest in white goods. City jewellers, who are expecting a dip in terms of the volume of gold sold during Dhanteras, are placing more orders for silver coins and costume jewellery to bridge the gap.With the price of gold crossing Rs 1,25,000 per 10 g last week, buyers have become jittery over purchasing the yellow metal during Dhanteras this year. In the past year, the price of gold, of 24 Karat purity, increased by more than Rs 44,000 per 10 gm. The price of 24 Karat gold has actually doubled in the past two years.At the Multi Commodity Exchange (MCX), silver was trading at Rs 1,71,085 per kg. Silver price was Rs 1,62,432 on Oct 10 and Rs 1,58,112 on Oct 9.”While the market was getting adjusted to the increasing trend of gold prices, buyers are now finding it difficult to adjust to gold prices. While that has prompted many jewellers to diversify into other products, people have also resorted to other metals,” said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India.”The middle class, which used to buy precious metals during Dhanteras, has now gradually shifted to brass and copper. Some of them are delaying buying a new mobile handset or a refrigerator for Dhanteras,” said Shaloo Bahal, a resident of New Town.Kamal Nandi, business head and EVP of the appliances business of Godrej Enterprises, felt that the festive season has already begun on a stronger note this year, buoyed by attractive festive offers and a reduction in the GST. “Sales momentum can be seen across both premium and mass segments for all product categories. We are optimistic about an equally positive Dhanteras ahead. Growth is being seen across categories, with washing machines leading the pack,” he said. The company is looking at over 40% growth during the festive period this year.According to B Thiagarajan, managing director of Blue Star Ltd, while the decision to buy an air conditioner is not impulsive but driven by need and weather conditions, there is an increase in sales post-GST reduction. “We have been seeing higher sales since the GST reduction. People might decide to buy ACs before Dec, instead of waiting for the summer,” he said.City jewellers, who are trying to compete in a volatile market, are preparing to cater to the pockets of the buyers. “We have introduced hallmarked silver coins ranging between Rs 1,500 a piece to Rs 15,000 apiece. Orders with the artisans for silver coins and jewellery are at least 30% higher this year,” said Shubadip Roy of Bengal Jewellery.”At least 15% of Dhanteras buyers have a budget of around Rs 5,000. There are gold beans, miniature Ganesha idols which they may opt for. Buyers with a budget of Rs 10,000 can even opt for silver jewellery. Demand for that is quite high now,” said Suvankar Sen of Senco Gold & Diamonds.