Dubai: In the countdown to Diwali, the biggest festival of the Indian expatriate community, jewellery sales have quadrupled and are about to peak on Dhanteras, which falls on October 17, two days before Diwali.
The 13th day of the lunar calendar moving towards the New Moon festival of Diwali is earmarked for prayers to propitiate the deity of Dhan or wealth. On Dhanteras, all Hindus consider it auspicious to buy metal and mostly it is either gold or silver. From gold rings and chains to solitaires and diamonds, expatriates make it a point to mark the occasion with some jewellery purchases. Those who cannot afford gold and silver buy steel bowls and fill it with grains to propitiate the deity and pray for prosperity and wealth.
In Bur Dubai market, the streets leading to gold shops have been festooned with lights, lanterns and garlands since Dussehra, which fell on September 30, and the gold-buying spree began then and is likely to continue throughout October.
Shamlal Ahamed, the managing director of Malabar Gold and Diamonds, told Gulf News: “Our jewellery sales have gone up by 400 per cent in the run up to Diwali and this spree is likely to continue for another four to five months until the end of March. This year we see a reverse trend of Indian expats coming in to celebrate Diwali from US, Canada, India and other countries with their relatives here. These tourists are shopping for gold and diamond jewellery.”
Bosco Francis, the branch head of the Malabar Gold and Diamond showroom, confirmed that their sales were rocking and that they had an especially huge rush on Friday, October 13. “This was the last weekend before Dhanteras and our sales went through the roof. We have beautiful designs from Turkey, Italy and India. Women are buying those, especially the antique-style Indian jewellery, and diamond jewellery too. The price of gold that has been approximately Dh146.1 per gm and is slated to remain steady is also one of the reasons that has fuelled the buying spree.”
Joy Allukkas, chairman of the Allukkas Group, said: “This year, two high points of jewellery sales are Akshaya Triitiya and Dhanteras. Our showrooms have witnessed a surge of sales, especially in the month of October. People are booking their gold jewellery and prefer to return to buy on October 17. We have several affordable range choices to suit the budget of the middle class and are running several promotions to encourage more sales.”
Nijo C Ando, branch manager of Joy Allukkas showroom in Bur Dubai, confirmed that their showrooms had witnessed a huge spike in gold shopping and a great footfall of tourists and residents alike. “Women are walking in to buy temple and antique jewellery pieces and pre-booking with ten per cent advance as on Dhanteras day we are running a promotion of gifting a free gold coin for jewellery worth Dh3,000 and above.
Anil Dhanak, the manging director of Kanz jewellery, said : “Dhanteras is the first day of the Diwali festival and means wealth and prosperity. Buying gold is considered auspicious and symbolises welcoming prosperity to homes. Apart from these mythological significances, Diwali is a time when people are in a festive mood and buying gold is a celebration of the good wealth and blessings. Gold jewellery adds glitter to the festivity and many people gift gold jewellery to their loved ones during Dhanteras. This is the best way to reinforce the special bond loved ones share with each other.”
Chandu Siroya, managing director of Siroya jewellers, seconded that opinion. “Gold is not just a metal, it is a symbol of prosperity and basis of wealth. This day holds a special significance for the business community as people consider it good luck to invest in gold or silver jewellery on this day. Every individual purchases something or the other on the occasion of Dhanteras — it may include jewellery, gold, silver, clothes or utensils — according to one’s budget.”
Jewellery shops lining Meena Bazaar are witnessing an unprecendented rush. Bhawana and Ankur Saxena who plan to fly home to India for Diwali got married recently and look forward to spending time with family. “I bought a gold ring for my mother-in-law as this is an auspicious month for buying gold,” said Bhawana.
Shraddha and Vishwas Patel chose Friday, October 13, to shop for the forthcoming wedding of their son. “The wedding is planned in India and my son lives in Canada. Today, according to our almanac, is a very auspicious day and we decided to purchase some gold sets for our prospective daughter-in-law,” said Shraddha.
Jessica Joseph who is going for a vacation to India in November also chose Dhanteras as a time to buy a beautiful Turkish designed necklace set. “Dhanteras and Diwali is a good time to buy gold. One gets unique designs that are usually the latest as most jewellery shops get their fresh stocks during this period. There is a wide range to choose from and my mother and I prefer to buy gold in this period.”
The gold rush that has been triggered off with festivities this month is likely to continue for a few months as it coincides with the tourist season and Dubai Shopping Festival as well.
The significance of Dhanteras
Dhanteras is the first day of the Diwali festival and it usually falls one or two days before Diwali when Hindus propitiate the deity of wealth and prosperity, Lakshmi, and the keeper of all wealth, Kuber. This festival is also known as Dhanatrayodashi or Chhoti Diwali. It falls in the month of Ashwin, and is celebrated on the 13th lunar day, according to the Hindu calendar. All Hindus consider metal — be it gold, silver of even steel — as a symbol of wealth and buy it to bring good luck to them.
