Bullion over bling: Buyers flock to jewellery stores before Dhanteras — for coins and bars

Rising gold prices may have dented fresh jewellery sales, but customers are still thronging jewellery stores despite record highs in gold and silver prices, looking to buy coins and bars ahead of Dhanteras.

- SHARLEEN D'SOUZA & AKSHARA SRIVASTAVA

In Mumbai’s bustling jewellery district, stores are packed, with many customers coming in to buy or book gold and silver coins and bars as both festival and investment purchases. The same trend is visible in Delhi’s Dariba Kalan market. But while footfall remains strong, the quantities being purchased have clearly shrunk.

In Mumbai's Zaveri Bazaar, one Manisha Gajani booked 5 grams of gold to collect on Dhanteras. “Last year I purchased a 10-gram coin, but this year I could only buy 5 grams as the price of gold has skyrocketed since last year,” she said.

Kasha Siddique, 28, a working professional, was among those turning to silver. “I intend to hold on to the silver bars as an investment for at least two years, as the price is constantly moving up,” she said.

With silver in short supply, some Mumbai stores have stopped taking bookings for later delivery. While a few jewellers say the supply situation has eased, others report that they are only selling to customers making spot purchases.