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Dhanteras 2020: Gold jewellery sales likely to record 35% jump over last year

Sales of gold picked up on Friday, with jewellery trade body India Bullion & Jewellers Association (IBJA) indicating a 35% rise in volume terms over the last year

twitter-logoBusinessToday.In | November 14, 2020 | Updated 12:45 IST
Dhanteras 2020: Gold jewellery sales likely to record 35% jump over last year
The fall in price of 22 karat gold, used in jewellery, dropping below 50,000 per 10 gms, has also contributed to the rush to buy the yellow metal

+Gold jewellers are expecting the sales of the metal to go up and cross last year's numbers clocked during Dhanteras. The mood was upbeat across several major cities on the gold buying occasion with jewellers expecting that the day's (Friday, November 13) sales to outpace previous Dhanteras levels easily.

Sales of the yellow metal picked up on Friday, with jewellery trade body India Bullion & Jewellers Association (IBJA) indicating a 35% rise in volume terms over the last year, the Economic Times reported.

The fall in price of 22 karat gold, used in jewellery, dropping below 50,000 per 10 gms, has also contributed to the rush to buy the yellow metal.

Also Read: Gold price gains 31% since last Dhanteras: How to trade in yellow metal going ahead

The rush follows a near washout witnessed during the last marriage season and Akshaya Tritiya due to the coronavirus lockdown.

Jewellers are seeing a lot of pent-up demand in the market after a lacuna of nearly eight months when pandemic concerns had compelled customers to shun non-essential purchases and save cash.

With gold prices down, the festive season demand for the precious metal is likely to continue beyond Diwali.

Also Read: Jewellers bet on Dhanteras; expect 70% of last year's business

"Sales have picked up very well since the morning. Reports emerging from different parts of the country are indicating 20% growth in demand compared to last Dhanteras. There is a lot of pent-up demand in the market," IBJA's national secretary, Surendra Mehta, told the publication. However, the IBJA later revised the assessment to 35% growth.

Reiterating Mehta's views WHP Jewellers director Aditya Pethe enunciated that the occasion of Dhanteras has been "very good" and as far as sales are concerned, "we are confident that we would do as well as last year or even better, given how this particular day has been going."

Also Read: Gold prices fall below sovereign gold bond issue price; should you invest?

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