Dhanteras sparkles in Birgunj with transactions of gold and silver worth Rs 110 million

Published On: November 11, 2023 08:45 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Nov 11: There has been a significant trade in gold and silver from the day of Dhanteras in Birgunj, a commercial city in Madhesh Province. According to businessmen, there have been transactions worth about Rs 110 million per day.

It is estimated that Rs 50 million worth of gold and Rs 60 million worth of silver were consumed in Birgunj on that day. One kilo of gold costs Rs 10.02 million. Gold was traded at the rate of Rs 115,200 per tola while silver was traded at Rs 1,410 per tola. One kilo of gold or silver weighs 87 tolas.

On the day of Dhanteras on Friday, there was a crowd of people buying jewelry in the gold and silver shops from early morning. However, compared to last year, there has been a decrease in business by about 50 percent, according to the Federation of Nepal Gold and Silver Dealers Association in Parsa.

According to the president of the association, Bhulan Sarraf, three kilos of gold have been distributed for sale within the last one week and said that the business from Diwali to Chhath will be significant compared to other times. He said that the gold and silver business has decreased this year compared to last year due to the COVID-19 pandemic, economic recession and inflation.

Binay Kumar Shah, the owner of Srishankar Sah Jewelers in Ranighat, noted that the number of people buying jewelry has increased due to the belief that purchasing gold and silver on Dhanteras is more auspicious than on other days. He stated, “While we usually have 30/40 customers at other times, on Dhanteras day, we had more than 125 customers.” Sah reported the sale of hundreds of gold and silver coins, biscuits, rings, chains, earrings, nose-rings, and other jewelry in various shops in Birgunj.

Businessmen have observed that coins and biscuits sell more on the first day of Tihar, with other jewelry accounting for only 15 percent of sales. Gold biscuits are reportedly sold in weights of 1, 2.5, 5, 10, 20, 50, and 100 grams, while silver coins come in different sizes.

Birgunj has nearly 450 gold and silver shops in the city area and rural areas of Parsa. Sarraf, the association president, informed that a total of 356 gold and silver shops operating in Birgunj are affiliated with the association.