Mumbai, Nov. 2: 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 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 `19,500 per 10 grams level,” former All India Gems and Jewellery Association chairman, Mr 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 `1,12,000 crore last year during Dhanteras, which is to be celebrated on Nove-mber 3, Mr Minawala said.
Gold prices, which had touched a high of `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 `19,725 in the domestic market and at $1,362 an 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, Mr 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, Mr Hayagriv said.
Mr Sumesh Wadhera of GJF said that despite the price ruling over `19,000 mark, jewellery bookings are higher this year.
According to a World Gold Council statement, investments in gold have witnessed a healthy demand through 2010 and with the festive season on the anvil it is only expected to get better with investors making a beeline for products like medallions and ETFs.