Gold Jewellery Sales in India Expected to Surge During Diwali Festival

Gold jewellery sales in India are poised for a significant increase of up to 15% during the first days of the Diwali festival, attributed to steady prices and increased footfalls. Experts expect a growth in demand for gold and silver on the auspicious day of Dhanteras, which marks the beginning of the five-day Diwali festival. The total jewellery sales across the country stood at Rs 112,000 crore last year, and this year, the market is expected to witness a substantial boost due to favorable market conditions.

Key Takeaways:

• Gold jewellery sales in India are expected to increase by up to 15% during the first days of the Diwali festival compared to last year, due to steady prices and increased footfalls.
• The current price of gold is ruling at Rs 19,725 in the domestic market and at US$1,362 an ounce (28.34 grams) in the international markets.
• The recent correction in price has encouraged people to book gold jewellery and coins, with a 10-15% jump in business expected this year.
• The All India Gems and Jewellery Trade Federation (GJF) has done a fair amount of promotions across the country, indicating positive indications that business will boom this season.
• Dhanteras, the first day of the five-day Diwali festival, is considered auspicious for buying gold and silver, with a total jewellery sales of Rs 112,000 crore recorded last year.

Statistics:

• Gold prices have steadied to Rs 19,500 (US$441) per 10 grams level.
• Total jewellery sales across the country stood at Rs 112,000 crore last year during Dhanteras.
• Gold prices had touched a high of Rs 20,120 on October 15 but started falling due to profit-taking.
• Presently, gold prices are at Rs 19,725 in the domestic market and at US$1,362 an ounce (28.34 grams) in the international markets.

Sources:

• PTI (Press Trust of India)
• All India Gems and Jewellery Association
• All India Gems and Jewellery Trade Federation (GJF)