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| Festive season brings shine to domestic jewellery biz |
| Press Trust of India / New Delhi Aug 05, 2009, 20:03 IST |
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Jewellery sales across the country have started picking up with gold prices stablising at the beginning of the festive season and liquidity increasing in the market.
"The retail sales have also gone up along with the bookings, even though it is difficult to measure through percentage, and we hope it will go up further as the season progresses," Mumbai-based P M Shah Jewellers' Dinesh Jain told PTI.
Jewellers see a positive trend with increased footfalls in the last 15-20 days and from the bookings for the marriage season which is to begin to soon.
According to Surat-based Kushal Das Jewellers' Deepak Choksi, money flow in the capital market have increased and people have realised that the prices of gold are not going to go down further, hence, boosting the sales.
The buying of fresh jewellery as well as exchange of the old ones have both gone up as gold prices have stablised between Rs 14,500- 15,000 per 10 grams level. This has also helped the retailers in increasing their inventory.
World Gold Council (WGC) Director Dhramenh Sodah said, "The onset of this festive season has been positive for retailers and we expect this trend to continue."
He said prices have more or less stabilised and it is not going to come down, on the contrary it might go up, making this a good time to buy gold.
WGC is planning on several promotional offers to further boost sales, he said.
"We are still working on several plans to promote sales, including the month-long 10 cities promotions that will provide the buyers a chance to win some gold on buying Rs 5,000 worth of jewellery," Sodah added.
All India Gems and Jewellery Association Chairman Ashok Minawala said. "In the first quarter of this year the jewellery sales have been slow, but since then the demand has picked up and is likely to remain positive till the rest of the financial year."
Minawala said the association is planning several promotional activities across the country in partnership with the Gems and Jewellery Export Promotion Council. The campaign will begin from mid-September and will continue till February 2010.
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