The effect of gold becoming cheaper by more than Rs 8000 from the all-time high was visible in the markets. The Confederation of All India Traders (CAT) said that the jewelery industry has recovered from the slowdown caused by the pandemic. In a statement, CAIT said, "On Dhanteras, sales of about Rs 75,000 crore were done across the country. About 15 tonnes of gold jewelery was sold.' This includes estimated sales of about Rs 1,000 crore in Delhi, Rs 1,500 crore in Maharashtra, and around Rs 600 crore in Uttar Pradesh, CAIT said. In South India, sales are estimated to be around Rs 2,000 crore.
Let us tell you that before Deepawali, there was a positive start of Dhanteras in the markets and while regaining the lost shine, the sale of gold jewelery and coins is on the way to reach the level before Kovid. With the dwindling concerns of the pandemic and pick-up in demand, hordes of consumers are flocking to shops to buy gold.
Increase in sales of light gold products
Buying increased on Tuesday, especially in light gold products, with gold prices turning relatively soft compared to their record low of Rs 57,000 per 10 gram near August, coupled with intensified selling in stores and online. Speed has come. According to Hindu belief, Dhanteras is considered to be the most auspicious day for the purchase of precious metals to utensils.
Last Dhanteras gold was Rs 39,240 per 10 grams
Gold prices on Tuesday were in the range of Rs 46,000-47,000 per 10 grams (excluding taxes) in the national capital, hitting a record high of over Rs 57,000 in August this year. However, the gold rate is still 17.5 per cent higher than the Dhanteras 2020 price of Rs 39,240 per 10 grams. Ashish Pethe, Chairman, All India Gems and Jewelery Local Council said, “We hope That the sales volume (compared to pre-Covid levels) will remain the same as rates have increased since 2019. In value terms, we expect a growth of 20 per cent from 2019 levels.
Offline shopping rises again
Jewelery shops witnessed an increased footfall, indicating a resurgence of offline shopping. There has been a 40 percent increase in the number of consumers going to the store and shopping as compared to a year ago. Usually, 20-30 tonnes of gold is sold on the day of Dhanteras and this year according to companies in the sector, the quantity is expected to be slightly higher.
Strong demand expected
World Gold Council (WGC) Regional Chief Executive Officer (India) Somasundaram PR told PTI-language, "Suppressed demand, moderation in prices and good monsoon as well as relief in lockdown restrictions are expected to boost demand. He said, "We expect this quarter to be the best quarter in recent years."
Balram Garg, managing director of Delhi-based PC Jewelers, said the demand during this Dhanteras is much better than last year. He said, 'Till now our showroom had a good crowd of people. Consumers are buying light weight jewellery. Bachraj Bamalwa, co-founder of Kolkata-based company Nemichand Bamalva & Sons, also said that consumers did not shop in the last two years due to the pandemic and now with the situation returning to normal, people are stepping out and making purchases.
