As the festive season kicked off with Dhanteras celebrations on Tuesday, Pune witnessed a slow start in jewelry markets due to the increasing gold prices. The All India Gem & Jewelry Domestic Council (GJC) projected a 5% decline in Dhanteras business this year compared to last year, attributing it to the sharp rise in gold prices.
Despite the initial sluggishness, a surge in footfall was observed in the evening as customers lined up to make their purchases. Saiyam Mehra, Chairman of the GJC, mentioned that sales on Dhanteras could still reach 20 tons of gold, similar to last year, but the higher prices might impact overall sales volume.
In Mumbai, gold prices reached ₹78,745 per 10 grams, while silver prices climbed to ₹97,873 per kg. Meanwhile, in Delhi, gold prices were recorded at ₹81,500 per 10 grams and silver at ₹99,500 per kg.
Suvankar Sen, Managing Director and CEO of Senco Gold and Diamonds, expressed concerns over the price hike and predicted a 12-15% drop in sales volume for Dhanteras. However, he also mentioned that the overall business could increase by 10-12% compared to last year, driven by a growing demand for lightweight jewelry, especially among working women.
With gold prices on the rise, it will be interesting to see how the festive season unfolds for the jewelry industry and whether the demand for gold continues to remain strong despite the higher prices.
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