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Gold glitters on Dhanteras despite high prices; sales up 15%

Tuesday, November 06, 2018

Gold and jewellery sales are expected to have gone up by up to 15% on the auspicious occasion of 'Dhanteras' yesterday as consumer demand revived on reports of further jump in the yellow metal rates in the coming weeks.

The buying during the morning trade remained subdued, but it picked up later as eager shoppers indulged in token buying, while some took delivery of their wedding jewellery. There was more demand for coins compared to jewellery.

Even organised players like P C Jewellers and Kalyan Jewellers are expected to have seen better sales as quality and better designs at competitive prices attracted more footfalls. Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70% of the country's gold sales.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India. The buying continues till late night.

"Consumer demand has revived on reports of further increase in gold rates up to Rs 35,000-40,000 per ten gram in the coming weeks due to weak rupee. We estimate sales to be higher by up to 10% than the year-ago," All India Gem and Jewellery Domestic Council (GJC) Chairman Nitin Khandelwal.

Jewellers accuse harassment by govt officials ahead of Diwali
Gems and jewellers' body GJC Monday condemned harassment of jewellers by government officials ahead of Diwali and demanded that the Centre should circulate standard norms to check goods in transit. The All India Gem and Jewellery Domestic Council (GJC) is a national trade federation for the promotion and growth of trade in gems and jewellery across India. Several incidents across states have come to light wherein the police, income tax officials and GST officials have conducted "illegal raids" on jewellers, especially the small and medium sized players, it said. This has caused mental torture and harassment at a time when jewellers are grappling with low sales during the festive season. "There have been complaints that the officials are indulging in nepotism and bribes," the GJC alleged.

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