Jewelers placed bets on ‘Dhanteras’; 70% of last year’s biz is expected to watch – Business News

Jewelers placed bets on ‘Dhanteras’; 70% of last year’s biz is expected to watch – Business News

Jewelers are betting on recovery and are optimistic that a rebound in the economy and increasing demand will boost sales during this ‘Dhanteras’ and the industry is expected to trade up to 70 per cent last year.

Despite the ruling high gold prices and ongoing Kovid-19 uncertainties, jewelers are expecting a revival in retail sales this festive season, as the yellow metal has always been an integral part of festivals in India, especially Dhanteras, Diwali and the upcoming Weather during the wedding.

He said, ‘Since the beginning of the festive season, there has been a gradual growth in both footfall and sales, which has increased further despite the uncertainties about COVID for the last few days. This makes us hopeful that we will be able to do 70 percent of last year’s business during Dhanteras, ”All India Gems and Jewelery Household Council (GJF) President Anant Padmanabhan told PTI.

Gold prices in the country have been in the range of Rs 52,000 per 10 grams.

“Millions of Indians believe that buying gold during the auspicious occasion of Dhanteras will bring good luck and wealth. Reflecting this sentiment, this year, Dhanteras is likely to mark the beginning of a modest buying period, which provides some relief after a long period of suppressed demand and suppressed activity due to the current epidemic, “World Gold Said council managing director, India, Somasundaram PR.

Digital gold providers such as SafeGold, Augmont and MMTC-PAMP and other online platforms may find the period quite conducive to increasing volume and broadening the consumer base, he said, “as a result of the decline in consumption expenditure of many households High saving lockdown can flow into gold. According to Purohit Purohit, Commission, CapitalVia Global Research Product Manager, the US dollar is an important driver for the precious metal.

In anticipation of festive demand, gold has gained a new footing in Indian markets and has shown 107 per cent month-on-month growth in August, he said, focusing on current figures, prices are unlikely to cool. Gold, despite being a constant epidemic.

“Technically, MCX Gold has jumped above Rs 52,000 per 10 grams in December, where it has strong support at Rs 51,200. COVID-19 and India’s gold price will remain uncertain due to festive demand. We are also hoping that shopping can happen due to the wedding season. ‘

Saurabh Gadgil, chairman and managing director of PNG Jewelers, said that footfall is quite regular this festive season and the market is starting to reappear.

“We are seeing a clear trend of agribusiness-backed households spending more. Rural India is showing a higher consumption appetite than metros.

Sona is still the most preferred purchase for the festive season. Many people, including Millennials and first-time investors, favor gold as an investment option. We are also seeing strong bookings for light weight and wearable jewelery apart from bullion products for Dhanteras and Diwali.

He further added that “We are expecting a turnover of around 85 per cent last Diwali, and certainly we will exceed last year’s business as gold prices have gone up in the last 12 months”. “Consumers want to bring goodness to their lives by shopping with care and, therefore, we value the safety standards that we have set up in our stores. Our new collection offers good value and freshness in the wearable, affordable, lightweight category as well as the bridal jewelery category, which we owe to our artisans, whose skills in this festive season have beautifully captured four moons Have installed. Marketing and retail, Arun Narayan said.

Senco Gold & Diamonds CEO Suvankar Sen said, “With this Dhanteras we are expecting a level of sales in terms of value, just like last year. There may be a decrease of 15-20 percent in terms of quantity as compared to the previous year.

The epidemic and subsequent rise in gold prices have strengthened customer confidence in gold as an asset class.

“We should return to pre-COVID levels after market stability and greater certainty in people’s minds. Bridal jewelery is doing well as it is an Indian tradition to buy jewelery for weddings. Designs that look heavy but are lightweight, and diamonds and platinum are good for everyday wear, ”he said.

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