Gold price dip drives jewellery sales on Dhanteras
Jewellers reported strong demand for precious metals as a recent drop in gold prices attracted shoppers on Friday.
A decline in gold prices encouraged shoppers to visit jewellery stores on Dhanteras on Friday, according to reports by Times of India and Moneycontrol. Industry officials estimated that total gold business across India for the occasion reached approximately Rs 60,000 crore.
Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC), stated that while gold sales by value were expected to rise between 15 per cent and 20 per cent, volumes would likely remain flat compared to last year because prices are still higher than previous levels.
Senco Gold & Diamonds CEO Suvankar Sen reported that sales value grew by more than 25 per cent, with footfall increasing by 10-12 per cent from the previous year. Similarly, PC Jewellers Managing Director Balram Garg noted that volume grew by 30-35 per cent, while value increased by 45-50 per cent.
Kalyan Jewellers Executive Director Ramesh Kalyanaraman said the price correction boosted festive purchases. He noted that the price for 22-carat gold fell to Rs 13,150 per gram on Friday from Rs 13,385 on Thursday. Shoppers preferred items such as bangles, chains, pendants, and small coins, with increased interest from first-time buyers in cities like Jaipur, Dehradun, and Raipur.
The festive demand extended to the automotive sector. Maruti Suzuki India expects to deliver around 30,000 vehicles on Dhanteras, while Hyundai Motor India expects to deliver approximately 16,000 units, a figure nearly 14 per cent higher than last year.
