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Dip in gold price puts the sparkle back into festive and wedding buying, jewellers see 10-12% rise in Dhanteras sales

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Dip in gold price puts the sparkle back into festive and wedding buying, jewellers see 10-12% rise in Dhanteras sales

Dip in gold price puts the sparkle back into festive and wedding buying, jewellers see 10-12% rise in Dhanteras sales

Gold prices have dropped significantly, encouraging consumers to return to jewellery stores for upcoming purchases. The correction in gold prices has led to increased footfalls and advance bookings for weddings. Jewellers expect a rise in sales volume on Dhanteras, which is an auspicious buying day. Consumers are opting for lightweight jewellery and lower-karat gold to manage budget constraints.

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Kolkata: A more than 7% decline in gold prices over the past month is bringing buyers back to jewellery stores ahead of Dhanteras , with consumers stepping up purchases and placing advance orders for the upcoming wedding season .

Buying has picked up since last week, as gold prices began correcting, and is expected to continue until Dhanteras on November 6, said jewellers. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, predicted sales volume to increase 10-12% from a year earlier on the day considered to be one of the most auspicious to make high-value purchases.

Gold was trading at ₹1.37 lakh per 10 gm in Mumbai's spot market on Monday. The price has dropped from ₹1.48 lakh a month earlier and the all-time high of ₹1.80 lakh recorded on January 29.

Jewellers are reporting an improvement in store footfalls, with demand picking up for gold jewellery as well as silver coins and articles.


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