Pre-Diwali Dhanteras sales of gold and silver kicked off on Thursday but overall business is likely to be a muted affair in view of sharp rise in prices and subdued demand due to the COVID-19 induced economic hardship, according to jewellers and industry experts.
바카라 웹사이트Although the buying sentiment has improved after the COVID-19 curbs were relaxed, consumers are still wary of investing in precious metal at current high rates, they said.
바카라 웹사이트Jewellers also said they are recycling old jewellery stock to meet the festive and wedding season demand.
바카라 웹사이트Besides, a caution still prevails among people while coming out of their homes for shopping amid rising COVID-19 cases in key consuming markets across the country, and consumers in view of the pandemic have made advanced booking through online jewellery platforms, they added.
바카라 웹사이트Dhanteras, considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils, is being celebrated for two days on Thursday and Friday this year.
바카라 웹사이트Gold prices are ruling in the range of Rs 51,000-53,000 per 10 grams, more than 35 per cent higher than Rs 38,096 per 10 gram prevailed on Dhanteras 2019.
바카라 웹사이트Similarly, silver prices have shot up to over Rs 62,000 per kg.
바카라 웹사이트Speaking to PTI, World Gold Council (WGC) Managing Director (India) Somasundaram PR said, "The foot falls are better and people are interested. Sales are recovering but it will not be as good as last year during the same period. The organised players will have better market share, bars and coins will do better."
바카라 웹사이트Digital gold and other online platforms could find this period very conducive for increasing volumes and for broadening the consumer base, he said.
바카라 웹사이트Echoing similar views, All India Gem and Jewellery Domestic Council Chairman Anantha Padmanaban said the market is recovering gradually and the consumer sentiment is positive.
바카라 웹사이트Jewellers are seeing increased growth in footfalls since morning but need to see whether the pent-up demand will translate into sales, he said, adding that the buying momentum is expected to pick up by evening across the country.
바카라 웹사이트"However in terms of volume, we expect to do 70 per cent of last year's business and in value wise similar to last year Dhanteras," he said.
바카라 웹사이트Malabar Gold and Diamonds Chairman Ahammed MP said the pre-Diwali Dhanteras has kicked off with a decent buying season amid pent-up customer demand, revival of the economy and positive consumer sentiment.
바카라 웹사이트The company is geared up for a great buying season with a host of offers to attract consumers interest. "We are expecting encouraging responses from our customers," he said.
바카라 웹사이트Senco Gold and Diamonds CEO Suvankar Sen said the market sentiments have improved substantially since Durga Puja and Navratri.
바카라 웹사이트"The pandemic and the subsequent rise in gold prices have reinforced customers' trust in gold as an asset class."
바카라 웹사이트"Many people have done advance bookings of jewellery for the festive season. So, we are expecting similar sales levels in value terms as that of last year," he said.
바카라 웹사이트However, in volume terms there might be a 15-20 per cent decrease compared to that of last year, he said, adding that the company is expecting new online bookings on Thursday.
바카라 웹사이트Bengaluru-based online jewellery brand Melorra Founder and CEO Saroja Yeramilli said: "We are seeing good demand for lightweight jewellery that we offer at an affordable range. We are expecting 30 per cent growth over last year's Dhanteras sales."
바카라 웹사이트However IIM Ahemadabad's India Gold Policy Centre Chairperson Arvind Sahay said that this year's Dhanteras sales would be better than what trade has been expecting.
바카라 웹사이트"Very likely to see a greater shift to the investment market than jewellery, we are already seeing a good response for Sovereign Gold Bond and ETF.
바카라 웹사이트With decline in prices this week and with consumers with no avenues to spend otherwise are likely to open up their purse, he said.
바카라 웹사이트"Last year Dhanteras was down by 20-30 per cent, so it is likely that the volumes would still match the same as last year and price being higher year on year would help retain margin," he added.바카라 웹사이트
