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Jewellery sales booms
Posted on: 01/Apr/2014 11:22:27 AM
People who were not able to buy gold jewels throughout the world because of heavy price have now started buying gold. Thanks to fall in bullion prices, jewellery sales have increased at least 20-25 per cent during the last one week, as buyers see limited potential for further fall from the current level.
Gold price declined more than three per cent during the last week to trade six-month low at Rs 28,750 per 10 gm in popular Zaveri Bazaar here on Saturday. The trend percolated to India from overseas markets, where investors sought refuge in other asset classes, including equities and currencies due to easing of geo-political tensions between Russia and Ukraine.
Spot gold in London fell 2.9 per cent over the week to close on Friday at $1,295.27 an oz. Both opportunistic and seasoned buyers found this price decline an opportunity, considering the present level as a realistic one.
In domestic jewellery retail stores, footfall has increased with a fillip in their buying enthusiasm.
Rajesh Mehta, chairman and managing director of Rajesh Exports, who operate 82 retail stores across India said “We have seen at least 20 per cent increase in average daily jewellery sales in the last couple of days probably because of fall in gold prices. Most of opportunistic visitors have purchased some grammage of jewellery,” Rajesh Mehta, chairman and managing director of Rajesh Exports, who operate 82 retail stores across India.
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