Gold jewellery sales have rolled up 30% on this Vijayadashmi, also called Dussehra, as compared to the last year, setting the positive tone for huge and better sales in this upcoming Diwali as well as Dhanteras period.
Jewellers feature this flow in sales to drop in gold prices attached with an optimistic mood among consumers as the economy has opened and the distress of COVID is weakening across the country.
The Price of the 22-karat gold used for making jewellery has dropped below Rs 50,000 per 10 gm and was soaring to around Rs 49,000 per 10 gm during this Dussehra festival.
“Our stores have perceived more than 30 per cent of sales on this Dussehra. There has been a lot of pent-up demand in the market, and consumers have expended on precious metals. The demand for inconsequential contemporary jewellery was more than for other metals. We have also witnessed people buying coins as an instrument for investment,” said Joy Alukkas, CMD of Thrissur’s headquartered jewellery retail chain Joyalukkas Jewellery.
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Besides, the festive sentiments among traders and consumers appeared to be stronger and more excited this year. Also, sustained aggressive marketing and trade promotions played a role in increasing in-store visits and leveraging the festive occasion. Earlier in Akshaya Tritiya, the same recession was witnessed in gold sales, even after two years of the pandemic.