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Gold price correction to lift Dhanteras sentiment, but sales volumes likely to remain flat: Jewellers

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Gold price correction to lift Dhanteras sentiment, but sales volumes likely to remain flat: Jewellers

Gold price correction to lift Dhanteras sentiment, but sales volumes likely to remain flat: Jewellers

The decline in gold prices is expected to boost demand this Dhanteras, All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde told.

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Mumbai: Jewellers are optimistic about sales this Dhanteras, with a significant correction in gold prices lifting consumer sentiment and driving demand for lightweight jewellery and small-ticket purchases, even as sales volumes are expected to remain largely flat year-on-year.

The decline in gold prices is expected to boost demand this Dhanteras, All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde told.

Dhanteras, which is considered an auspicious day for gold and silver purchases, is at the beginning of the month this year, on November 6, when consumers are likely to have their salaries in hand, thereby encouraging spending, he noted.

While firm gold prices encourage a shift towards lightweight designs, silver jewellery and coins are also gaining traction.

"However, high inflation, driven by geopolitical tensions, and the drought-like situation in Maharashtra could weigh on consumer sentiment. We are expecting flat growth in terms of volume compared to last year.

"In value terms, sales are likely to grow by 20-30 per cent," Rokde said.

He added that bullion purchases are generally funded through savings, and, therefore, the impact of inflation is expected to be relatively limited this festive season.

Retailers, meanwhile, are rolling out various offers and schemes to woo consumers.


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