The Hindu Business Line : Jewellers upbeat as gold sales shot up

MUMBAI: Jewellers are upbeat and looking forward to the year ending on a positive note following gold regaining its lustre business-wise during the festive season.

“Diwali commenced on a very affirmative note and witnessed a record breaking sale on 'Dhanteras' which has not been witnessed in the last seven years. The 47 per cent decline in business that was witnessed in the first six months of this year has already been compensated during the festive season,” The All India Gems and Jewellery Trade Federation's Chairman Mr Ashok Minawala said here.

“About five to six tonnes must have been sold on 'Dhanteras' day itself,” Mr Minawala said, adding that in the last 25 days about 60 tonnes of the metal is estimated to have been sold.

Jewellers are upbeat and are now looking forward to the year ending on a positive note. Prices shall be in the same range unless the dollar weakens, which gives the consumer the best opportunity for the forthcoming wedding season, Mr Minawala said.

Standard gold (99.5 purity) was quoted at Rs 11,795 per 10 grams, while pure gold (99.9 purity) was quoting at Rs 11,860 in the Mumbai bullion market on Saturday.

In the international market, gold bullion lost 17 per cent in October, its biggest decline since February 1983, when it finished the month 18.2 per cent lower. Bullion is down 12 per cent this year, well below the record high of $1,030.80 an ounce struc k in March. - PTI

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