Dhanteras jewellery sales start strong, rise 35%
As the festival of Diwali began with Dhanteras this weekend, gold jewellery got to a strong start and ended with a 35% year-on-year increase in sales due to positive consumer sentiment.
This Dhanteras saw both lightweight and heavyweight gold jewellery gain traction, helped by the fact that the festival was spread over the weekend and that gold prices were more muted than recent highs, ET Bureau reported. The upcoming wedding season helped to drive heavier jewellery sales and the recent trend for everyday jewellery boosted lightweight jewellery sales.
“With recent corrections in gold prices and a favourable monsoon, festive sentiment among retail consumers is very positive,” said the India Bullion and Jewellers Association’s national secretary Surendra Mehta, the Economic Times reported. “The demand is up by 35% compared to last year. In Mumbai, a lot of antique heavy jewellery is being sold for marriage purposes.”
Although gold prices were moderate, with 22 carat gold hovering around the Rs 45,850 mark for 10 grams over the weekend, inflation had been a concern for retailers. Rising consumer goods prices have harmed the wallets of shoppers but that did not seem to deter them from purchasing gold jewellery on this auspicious occasion.
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