INSUBCONTINENT EXCLUSIVE:
notched a sharp fall of 40 per cent this year compared to 2017 Diwali owing to high prices and overall negative market sentiments, a leading
retailers' body said on Monday."Though there are crowds, people are not buying as per the expectations, but merely making token purchases of
5-10-20 grams to mark the auspicious day
Mostly gold coins/guineas are moving while small, medium or big articles of jewellery are virtually ignored," said Mumbai Jewellers
Federation president Rakesh Shetty.However, another industry body, the All India Gem Jewellery Domestic Council (GJC), said that contrary
to expectations, gold and jewellery sales have zoomed during Dhanteras and the positive trend was expected to continue till the upcoming
winter wedding season."The past three days have surprised even the industry
People are literally out in droves in shops and showrooms to make gold purchases
Since two months, till last Saturday, the market situation was extremely gloomy," said GJC president Nitin Khandelwal.However, this time the
purchases - mostly in small jewelleries of 10 grams or multiples - is for end-user purposes and not as investments, with the prospects of
gold prices shooting up with the likely increase in US dollar rates soon."Our expectation is that $may touch around Rs 85 in the near future
given the current international scenario
Along with that, gold itself would shoot up to Rs 45,000 per 10 gm
Plus, the upcoming winter marriage season is also driving up the sales," Mr Khandelwal told IANS.The market sentiments are positive despite
industry.Adopting a cautionery stand, World Gold Council managing director PR Somasundaram said that though the feedback from the industry
suggests good footfalls, "the demand could be moderate" in view of the recent sharp increase in gold prices."Organised players seem better
places, a trend that has become evident in recent years after a spate of transparency measures
Digital wallets and online buying also seem to be growing in popularity, though they are relatively small," Mr Somasundaram said.
