With gold prices tumbling to a 15-month low
today, retailers are witnessing a surge in demand and expect up to 50
per cent spike in sales volume in this marriage season. They are also
expecting prices to fall further to around Rs 25,000 per 10 grams in the
immediate short-term. "Over the weekend, demand has picked up and
there is surge in footfalls. As such, demand for jewellery has been up
since Holi due to the upcoming wedding season. However, the recent
plunge in prices have added to the momentum. "We are expecting a
whopping 50 per cent growth in sales volume during this season over the
same period last year," Vice-Chairman of the Mumbai Jewellers
Association Kumar Jain told PTI. Jain, who also owns Umedmal Tilokchand
Zaveri retail chain, said jewellers are expecting a good season on the
back of expectations that the prices are likely to tumble further to
around Rs 25,000 due to global cues. Prices in Mumbai Spot market today
was ruling at Rs 26,550 per 10 grams compared to Rs 28,410 in the same
period last year. Echoing a similar view, Delhi-based PCJ Jewellers
Managing Director Balrram Garg said the demand for jewellery has grown
during the last two-three days as gold prices started declining. "We
are expecting 30-40 per cent sales growth, both in value as well as
volume terms, during this season," he said, adding that the prices may
decline by another 2-3 per cent.
Tribhovandas Bhimji Zaveri Chief Executive
Prem Hinduja said there has been a positive change in the attitude of
buyers with growing footfalls in all stores. "Historically, we have
always seen that whenever there has been a decline in gold prices,
jewellery demand has increased even during the inauspicious periods. And
the present trend is not different. However, it is too early to give
any figures," he added. However, Gitanjali Gems CMD Mehul Choksi feels
that people are still waiting for prices to go down further before going
in for any heavy purchase. "It was a good weekend. As it is the demand
was already there for the wedding season. However, for any additional
purchase, people are still waiting for the prices to decline further.
Currently, we are seeing more preference for diamonds and not gold," he
said. If prices continue to remain weak, there is likely to be up to 15
per cent growth in demand, he added. Bombay Bullion Association
President Mohit Khamboj said wedding demand will always remain even if
prices are high. "If gold prices continue to decline there is likely to
be up to 40 per cent rise in sales. However, it is still early days to
comment as people are looking for more price decline," he said. The
government had hiked the import duty on gold and platinum to 6 per cent
from earlier 4 per cent in February to discourage imports with a view to
check the widening current account deficit.
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