The correction in spot rates has stimulated showroom footfalls across markets, prompting industry projections of a 10-12% year-on-year increase in Dhanteras sales volumes. Despite the renewed interest, persistent high costs mean consumers are frequently selecting lower-karat options and lightweight studded designs to manage their overall spending. Retailers are also benefiting from a rise in advance bookings for jewellery ahead of the upcoming wedding season.
Key points
Lower precious metal costs are reviving showroom footfalls and lifting advance bookings a…: Lower precious metal costs are reviving showroom footfalls and lifting advance bookings ahead of the busy wedding season.
Elevated overall prices are leading consumers to manage their budgets by purchasing lower…: Elevated overall prices are leading consumers to manage their budgets by purchasing lower-karat and lightweight diamond items.
Retailers are seeing a significant boost in seasonal demand for both traditional gold jew…: Retailers are seeing a significant boost in seasonal demand for both traditional gold jewellery and silver products.
Sources checked by our analysis pipeline: 1
Buying has picked up since last week, as gold prices began correcting, and is expected to continue until Dhanteras on November 6, said jewellers. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, predicted sales volume to increase 10-12% from a year earlier on the day considered to be one of the most auspicious to make high-value purchases.
Also read: Explained: Why gold investors should tone down expectations as yellow metal plunges to a 1-year low
Gold was trading at ₹1.37 lakh per 10 gm in Mumbai's spot market on Monday. The price has dropped from ₹1.48 lakh a month earlier and the all-time high of ₹1.80 lakh recorded on January 29.
Smaller-ticket Purchases
Jewellers are reporting an improvement in store footfalls, with demand picking up for gold jewellery as well as silver coins and articles. Advance bookings for the wedding season are also gathering pace, indicating that some of the demand deferred during the sharp price rally is returning to the market.
"The recent softening in gold and silver prices, coming just ahead of Dhanteras, is a…
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