Tihar celebrators snap up silver products

KATHMANDU, NOV 04 -

Sales of objects made of silver skyrocketed in the week preceding the Tihar festival, said gold and silver traders. They estimated that 500 kg of silver coins, jewellery and utensils were sold daily.

The normal requirement of silver in the domestic market is 100 kg daily. Demand for gold and silver products peak during Tihar , especially on Dhanteras, the first day of the festive week, and Laxmi Puja, the third day when the goddess of wealth Laxmi is worshipped seeking prosperity.

“Sales of silver products have swelled across the country as per the reports we have received from our district associations,” said Mani Ratna Shakya, president of the Federation of Nepal Gold and Silver Dealers Association (Fenegosida). Gold demand has not increased as expected, and daily sales amount to 20 kg.

According to Fenegosida, customers bought gold worth over Rs 650 million last week. Demand for silver products started to increase about 10 days ago, doubling last week from 100 kg to 200 kg daily with the approach of Tihar .  

“The average daily sales of silver have reached 500 kg in the last seven days,” said Tej Ratna Shakya, former president of Fenegosida. “The transactions were worth Rs 170 million.”

On Friday, Fenegosida fixed the price of silver at Rs 806 per 10 gm (Rs 80,600 per kg) when customers bought around 1,000 kg in a single day nationwide.

With gold becoming dearer, customers have switched to silver to make an auspicious purchase during the festival, according to gold dealers. The price of gold was fixed at Rs 48,353 per 10 gm on Friday. Shakya said sales of silver coins featuring a picture of Goddess Laxmi, statues of Laxmi and Ganesh and ritual utensils had gone up.