Jewellers in the country are on overdrive to cash in on the demand for gold during the festive season after the price of the yellow metal dived 5% in the last one month.
The price of gold which dropped to Rs 29,578 on October 8 from Rs 31,295 on September 8, could be a major reason to fuel a gold rush.
More disposable incomes for government employees after the implementation of the pay commission recommendations could also lead to more spending on gold and jewellery.
Sales in rural and semi-urban areas are also expected to rise on the back of a good monsoon.
According to the All India Gem and Jewellery Trade Federation, sales this festive season is expected to jump 40% in price terms and 20% in volume terms.
Jewellers are ready with a spate of offers.
Exchange old jewellery online: One online jeweller offers to exchange to your old jewelry for new diamond jewelry. The seller will provide home visit with cartage machine to evaluate price.
Freebies: Many jewellers will gift free gold coins on purchase of gold jewelry on purchase of gold jewelry worth Rs 25,000 and two coins on purchase of diamond jewellery of same value.
Easy returns policy: Online jewellers are allowing product returns even after 30 days of purchase with 100% money-back scheme.
No making charge: Jewellers have waived off making charges and wastage of gold charges during this festive season to lure customers.
Membership programmes: Starting from Rs 2000, customers can benefit with schemes on special occasions and save up to Rs 30,036 in a year.
Navaratra offers: Some websites offer a flat 5% to 45% off on diamond jewelry, especially solitaires, followed by cash-back offers.
Topselling gold products online include rings, earrings, pendants, bangles and necklaces.
India’s annual gold jewelry consumption this year is estimated at 700 tonnes, an 18% increase over last year’s figure.