New Delhi/Chennai, Nov 9 (IANS) Jewellers are expected to do brisk buying on Monday on the occasion of Dhanteras, as people are letting loose their purse strings to buy the precious yellow metal whose price is on the lower side.
“The trend is very good this year. First time price is on the lower side during Dhanteras period. People are spending to buy jewellery this year,” Balram Garg, managing director, P.C.Jewellers told IANS.
“I expect sales to go up by 40-50 percent this year. The wedding season is here. So people are also buying jewellery on this day for wedding purposes,” he added.
P.C. Jewellers has 56 stores across the country.
Dhanteras is celebrated on the 13th day of Hindu lunar calendar. On this day, buying gold is considered to be auspicious.
The price of the yellow metal was hovering around Rs.25,000 per 10 gram on Monday. Gold price was around Rs.27,600 per 10 grams on the Dhanteras day last year.
Like, the national capital expectations of jewellers in Chennai was on the similar lines.
“We expect the sales to be better this year as the gold price is attractive. Last 10 days sales were good. Today sale of gold coins will be better. However, sale of gold coins launched by the central government may not be much as there is lack of awareness about the coins and the outlet where they are sold,” Madras Jewellers and Diamond Merchants Association president Jayantilal Challani told IANS.
While the gold prices have come down in the international market, the Indian rupee has weakend which would offset the benefit of lower price.
“The ongoing festive season fervour looks positive for the jewellery industry and as far as the categories are concerned, we are seeing an increasing preference for rings, earrings and bangles this season,” Sachin Jain, president, Forevermark India said.