Festive rush boosts gold sales as prices hit record highs, says Tanishq CEO
Ahead of Dhanteras, Tanishq reported a sharp surge in festive demand, with CEO Ajoy Chawla warning of potential gold coin shortages. He said consumers who had delayed purchases returned, driving strong volume growth despite record prices.
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As gold prices touched record highs ahead of Dhanteras and Diwali, jewellery retailer Tanishq is witnessing an unexpected surge in festive buying, so much so that the company may soon run out of gold coins.
Speaking to NDTV Profit, Ajoy Chawla, CEO of Titan’s Jewellery Division, said that the festive period had reignited strong consumer sentiment, reversing the cautious trend seen earlier this year.
Chawla said that the volume growth has started coming in after the start of the festive season. "Until Navratra, many customers had stayed away, waiting for a price correction," he said. “But now that people have realised gold prices are unlikely to fall and may continue to rise as all those fence-sitters have come back. The sentiment is clearly back.”
The trend comes as Dhanteras, considered the most auspicious day of the year to buy gold and silver, marks the start of Diwali celebrations. Retailers across the country have reported a sharp uptick in both jewellery and coin purchases, with buyers prioritising traditional investments over waiting for market dips.
Chawla noted that the demand for gold coins in particular has spiked sharply, adding that Tanishq could “soon run short” of inventory if the momentum continues through the Diwali weekend.
Despite soaring prices, the festive sentiment appears to have outweighed consumer hesitation. It is expected that this year’s Dhanteras is shaping up to be one of the strongest in recent years, underscoring gold’s enduring appeal as both a symbol of prosperity and a safe-haven asset in uncertain times.
