Dhanteras likely to witness 15 pc more jewellery sales this year
Mumbai: Gold jewellery sales is likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied, experts said.business Updated: Nov 02, 2010 10:44 IST
Gold jewellery sales is likely to increase by up to 15 per cent during 'Dhanteras' compared to last year as prices have steadied, experts said.
"We are expecting an about 10-15 per cent growth in jewellery sales during 'Dhanteras' compared to last year as footfalls have increased. Prices have also steadied and is ruling over Rs 19,500 per 10 grams level," former All India Gems and Jewellery Association Chairman, Ashok Minawala said.
Dhanteras is the first day of the five-day Diwali festival and is considered auspicious for buying gold and silver. Total jewellery sales across the country stood at Rs 1,12,000 crore last year during Dhanteras, which is to be celebrated on November 3, Minawala said.
Gold prices, which had touched an high of Rs 20,120 on October 15, started falling on profit-taking, creating buying interest. Presently, prices have again started climbing due to a weakened US dollar and was on Monday ruling at Rs 19,725 in the domestic market and at USD 1,362 and ounce (28.34 grams) in the international markets.
"The recent correction in price encouraged people to book gold jewellery and coins. We are expecting a 10-15 per cent jump in business this year," All India Gems and Jewellery Trade Federation (GJF) Chairman, Vinod Hayagriv, said.
The Federation did a fair amount of promotions across the country this year and there are positive indications that business will boom this season, he said.