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Jewellers report brisk Dhanteras sales as gold price drop lures buyers; volumes seen flat

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Jewellers report brisk Dhanteras sales as gold price drop lures buyers; volumes seen flat

Jewellers report brisk Dhanteras sales as gold price drop lures buyers; volumes seen flat

Volumes, however, are likely to remain roughly flat from a year earlier because prices are still well above last year's levels, said Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC).

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Mumbai/New Delhi: Jewellers reported strong demand for gold and silver on Dhanteras on Friday, with gold sales by value expected to rise 15-20 per cent to about Rs 60,000 crore, as a recent drop in prices drew buyers, industry officials said.

Volumes, however, are likely to remain roughly flat from a year earlier because prices are still well above last year's levels, said Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC).

Dhanteras, which falls two days before Diwali, is considered the most auspicious day in the Hindu calendar to buy precious metals.

"The total gold business across India on the occasion of Dhanteras is estimated to be approximately Rs 60,000 crore, according to our preliminary assessment," Rokde told PTI.

Gold in the national capital fell 20 per cent to Rs 1,46,300 per 10 grams (24-carat, including taxes) on Friday from a record Rs 1,83,000 on January 29. Prices remain well above the Rs 1,32,400 seen on last year's Dhanteras on October 18.

4 per cent from its January 29 peak of Rs 4,04,500 per kg to Rs 1,92,500, but is still above the Rs 1,70,000 per kg recorded on Dhanteras last year.


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