THE festival of the Diwali appears to have stood up to the expectations of the city-based jewellers who were anticipating good business during the festive season. In Nagpur, the jewellers witnessed about 20 per cent hike in sales during the festive season as compared to sales in last Diwali. The jewellers sold increased quantity of gold ornaments despite of the fact that gold prices saw jump of about Rs 8,000 per 10 gms as compared to the price of the yellow metal in the previous year.
Interestingly, many jewellers were expecting less footfalls this Diwali as the gold prices were flying high for quite some time. Nitin Khandelwal, Former Chairman of Gems and Jewellery Council (GJC) of India, while talking to The Hitavada said,“Though the turnover of jewellery was marginally lower on Dhanteras day, the sale increased after that and it gave much needed relief to all of us.” He said that many people bought gold as it is considered as one of the best options of investment. Whenever there is volatility in share market or slowdown in other sectors, people get attracted towards gold. Rajesh Rokde, Secretary of Nagpur Sarafa Association and Director of Rokde Jewellers, said, “The jewellery business in the current season has increased by about 20 per cent.
The number of jewellers in the market has also increased in the current season. However, because of the increased business volume, most of the jewellers have registered growth in business. Apart from this, those who have upgraded their facilities are also getting good flow of customers.” Amit Sathe, Director of Sathe Jewellers, said that the market was down during the month of August and jewellers were anticipating that the same trend would continue till Diwali. “We are now witnessing encouraging number of footfalls. There is certainly an increase in sales as compared to last year.” Kishore Seth, Director of Batukbhai Jewellers and former Director of GJC, also said that there is hike in turnover despite Diwali coming at the end of the month.
Pradeep Kothari, Director of GJC and Karan Kothari Jewellers Limited, said, “Gold has always been an important investment option for the buyers. People set their target of gold purchasing during Diwali season.” It is important to note that the jewellers are expecting the gold prices to go up in coming days because of various factors. International circumstance and good demand for gold at the international markets are likely to push the prices up.”The jewellers predict that it gold price may touch the level of Rs 45,000 per 10 grams in the near feature. The rate of gold (24 karat) on Monday was quoted at Rs 38,700 per 10 grams.
Courtesy - Hitwada