LUCKY GLITTER: A treasure trove of jewellery to lure the Dhanteras shopper. Picture by Pabitra Das

Gold prices may have soared on Wednesday to Rs 10,255 per 10g (22 carat), but the glitter has not gone out of Dhanteras shopping in Calcutta.

With gold purchases during Dhanteras believed to bring good luck, or shagun, into homes, this is one of the biggest time of year for jewellery purchases. And while shops are scheduled to stay open till the early hours on Thursday, sales looked poised to be as good as, if not better than, last year.

“From $684 per ounce on September 7 to $836 today, the price of gold has gone up by 22 per cent in the past two months,” said Pankaj Parekh, chairman (eastern region), Gem and Jewellery Export Promotion Council.

But this hasn’t dulled the appetite of the shopper. “We have not felt it has had any effect on the customer,” said Siddhartha Sawansukha, of Sawansukha Jewellers. “Serious buyers come regardless of the price.”

“My staff has not had time for lunch, the crowd of customers has been so good,” said Anargha Chowdhury of Anjali Jewellers.

The Dhanteras gold market, retailers feel, traditionally weathers rising prices rather well. “In 2006, the retail price of gold was Rs 895 per gram, which is a little over Rs 100 more than 2005 prices, when it was Rs 782 per gram. But my unit sales were as good,” explained Chandrakanta Roy Chowdhury of MP Jewellers.

So this year, the same attitude is expected from the customer, as the price rise this year over last Dhanteras, too, is a little more than Rs 100, added Roy Chowdhury.

There are three kinds of shoppers buying during the season: those buying to bring in good luck, those stocking up for the coming wedding season and those looking to invest. This is also when many jewellery houses roll out their new collections.

Far from being a deterrent, retailers say, the price rise might even encourage some investment buyers to spend more. “It reassures them that it is a good investment, as prices are moving upwards,” feels Chowdhury of Anjali.

Time will tell if this logic is sound, but for now, the gold rush is on.