Titan Company is anticipating record sales during the upcoming Dhanteras festival, fueled by softer gold prices and a surge in gold exchange transactions. Over 50% of purchases at Titan stores are now made through the gold exchange channel, according to Arun Narayan, CEO of the Jewellery Division. The festive season started well, but initial volatility in gold prices led some buyers to delay purchases. However, prices dropped to a seven-to-eight-month low last week, drawing customers back to stores.
Narayan expressed optimism about the next seven days leading up to Dhanteras, predicting an all-time high in sales. Titan expects strong demand to continue through the first 11 days of November, up to Bhai Dooj. To capitalize on festive demand, the company launched a new collection, Adhyantara, along with an expanded range of 18-carat gold and diamond-studded jewellery, targeting the upcoming wedding season.
A key factor driving sales this season is the growing consumer preference for exchanging old gold for new jewellery. Titan began promoting this option last October with a campaign featuring Sachin Tendulkar, encouraging customers to trade in unused jewellery, coins, and bars. This approach not only refreshes jewellery collections but also reduces the need for fresh gold imports.
Narayan noted a shift in consumer behavior, with more people now comfortable exchanging gold rather than just accumulating it. 'There used to be a time when consumers would say that we only accumulate gold, we don't really exchange, but that's in the past,' he said, highlighting the growing acceptance of gold exchange as a preferred method for purchasing new jewellery during the festive season.