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Correction in Gold Prices Boosts Dhanteras Sales and Footfalls for Jewellers
Sentiment: PositiveHigh Priority
What Happened?
Jewellers reported increased footfalls on Dhanteras as gold prices fell, encouraging purchases ahead of the wedding season. The correction in prices has led to a surge in consumer interest.
Key points
- Gold prices for 22-carat gold dropped by Rs 235 per gram, from Rs 13,385 to Rs 13,150.
- Footfalls at Kalyan Jewellers increased significantly, with a growing preference for lighter-weight jewellery.
- Demand in Tier II and III cities, such as Jaipur and Dehradun, is notably rising.
- Mumbai's Zaveri Bazaar reported a 40% increase in demand compared to last year.
- 24-carat gold was priced at ₹1,49,000 per 10 grams in Mumbai.
- Overall jewellery sales saw a 10% increase during Dhanteras.
Key insights
- The correction in gold prices may lead to sustained consumer interest in jewellery purchases.
- Growing demand from Tier II and III cities could reshape market dynamics for jewellers.
- The upcoming wedding season may further boost sales as consumers look to purchase gold at lower prices.
Why it matters
The increase in gold sales could indicate a strong consumer sentiment during the festive season.
Source
Business Standard
