Jewellery sold for an average of Rs 25,500 per 10gm, while gold coins cost Rs 26,500. Those who wanted coins chose silver, while gold buyers opted for ornaments, particularly since the wedding season comes up shortly.
Pravin Jain of Goregaon’s Kundan Jewellers said sales of silver coins dropped by 20%, compared to 2014. “Prices are lower than last year, yet sales have not picked up. It is tough to gauge customer behaviour. When prices fall, buyers often wait for them to fall further,” he rued.
Viraj Jewellers in Ghatkopar sold “budget” jewellery and silver coins. Ashwin Pethe of Waman Hari Pethe shut shop at his regular hour of 8.30pm, while in Andheri Market, Arvind Kothari of K G Jewellers said buying sentiment was “fair, neither too bad nor something to be extra happy about”.
Among those who reported good business, Rajiv Popley in Bandra said business began as early as 9am. “People who were postponing purchases have come to buy now that rates are lower. Wedding rings, solitaires and mangalsutras are doing well as mahurat purchases for the marriage season,” he said.
“The ticket size, which is the average amount spent by each buyer, dropped by 10% from 2014. But volumes rose by about 15%, negating any loss we could have suffered,” said Dinesh Jain of PM Shah Jewellers.
Jain had invited a specialised chef or maharaj from Rajasthan to prepare 1,000 kg laddoos which were distributed across his stores in Marine Lines and Virar.