Bullion traders expect good sales of jewelery on Dhanteras
Amid the revival in the Indian jewelery market, bullion traders are expecting strong sales on Dhanteras this year. With the fear of the third wave of Kovid-19 subsiding, there is enthusiasm among the people about the festive season as well as there is a softening in gold prices at this time. In such a situation, the jewelery market is expected to remain bright.
A body of the jewelery industry said that it is expected that this year’s festival jewelery sales will reach the pre-Covid level of 2019. The reason for this is that at present, the price of 10 grams of gold is Rs 46,000-47,000 per 22 carat, which is about 5 percent less than in 2020. Along with this, now there is an increase in the wedding-marriage events.
Demand seen in the market after Navratri
Ashish Pethe, President, All India Gems and Jewelery Domestic Council said, “The market is showing demand after Navratri. This will continue on Dhanteras also. This year, with the pandemic under control, gold prices coming down and the wedding season intensifying, the excitement about the festival remains high. This year the sales in the months of October-November will contribute 40 per cent to the sales for the whole year.
Industry will return to pre-pandemic levels
The apex domestic body of the gems and jewelery industry expects the industry to return to pre-2019 levels in 2021. However, the price of gold is almost 20 percent higher than the 2019 level.
Senco Gold & Diamonds Ltd. Chief Executive Officer (CEO) of the company Suvenkar Sen said, sales are expected to return to pre-Covid-19 levels with an increase of 15-20 percent compared to last year. After two years of mental worries and challenges, customers want to spend and invest in jewelery for their happiness and wealth creation.
Gold investment fell sharply in September quarter
According to the report of the World Gold Council, in the September quarter, the global gold investment has registered a decline of more than 50 percent on a year-on-year basis. Gold investment has come down so drastically due to outflows in gold ETF funds.
Global gold investment demand declined 53 per cent to 235 metric tonnes in the September quarter. Gold bar and coin investment has jumped 18 per cent and total investment has increased year-on-year to 261.70 MT. Investors took advantage of the fall in the price of gold and bought it extensively. It is believed that global gold investment demand will be good in the fourth quarter (October-December).
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