Anticipating increase in buying of gold and gold jewellery during the festive season of Diwali in November, the jewellers in Gujarat are importing more gold. This could be gauged from the fact that monthly gold imports to the state has risen to 23.7 tonnes as on October 25.
As per the data available with Gujarat State Export Corporation Ltd (GSECL), the gold import to the state increased to 23.7 tonnes as on October 25 as against 12.7 tonnes in the month of September. The agency believes that the import is likely to further surge to 30 tonnes by the end of October.
"The main reason behind the rise in gold import to the state is upcoming festive season. Apart from jewellery, people also buy physical gold during Diwali. The October gold import is two times the normal monthly import witnessed during the year. The normal monthly gold import in Gujarat hovers around 10-12 tonnes," said Samir Mankad, whole time director, GSECL.
"The prices of yellow metal in Ahmedabad have come down by Rs 800 to Rs 900 per 10 grams in the last one and a half month. Also, the return on gold investment, too, is higher. As a result, we expect gold buying to increase this Diwali," added Shantibhai Patel, president, Gem & Jewellery Trade Council of India (GJTCI). Patel is also president of Ahmedabad Jewellers Association.
At present, spot price of gold in Ahmedabad is Rs 30,895 per 10 grams.
