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Roaring sales of gold expected during Deepavali period
Posted on: 10/Oct/2017 2:19:30 PM
Jewellery traders have informed that they expect roaring sales of gold on the occasion of the Deepavali festival, especially as the regulations for gold sales have been relaxed.
The central government had released an order on 23rd August, informing the sales of jewellery are henceforth brought under the 2002 Illegal Money Exchange Act. So, people buying jewels worth more than Rs. 50000 must inform and keep the purchase details.
Accordingly, all the jewellery shops started the procedure of obtaining the PAN and Aadhar card details of the buyers under the KYC (Know Your Customer) system.
In this situation, during the GST Council meeting held last week, this order calling for the customer details has been withdrawn.
Thus, the condition of having to furnish PAN and Aadhar card details is not valid anymore. The customers are free to buy to whatever limits. Hence, the jewellery traders expect that there will be roaring sales of gold during this Deepavali festive season.
Rajesh Kalyanaraman, director, Kalyan jewelers, informed that the sales of gold have been showing a reducing trend over the last 2 months. They expect that the sales of gold will be up by 15% as compared to the previous year.
Nitin Khandelwal, the President of the Indian Navarathna and Gold Jewellery Traders’ Federation informed that the news about the withdrawal of the stipulation to provide PAN and Aadhar card details has brought great relief bot to the jewellery traders as well as the buyers. This may be an ideal Deepavali gift given by the central government to both of them. So, the jewellery trade will hot up considerably – even if the sales are around the normal level, it is also a good news for the jewellery traders.
