Gold jewellery sees lacklustre sale

The global price fell this week to $1,287 an ounce, the lowest in a month, after the US Federal Reserve affirmed a scheduled upward revision in its policy rate this December

The price of gold is near a four-week low but jewellery consumers haven’t been making new purchases.

Any buying of gold jewellery over Rs 50,000 now requires a jeweller to register Know-Your-Customer details under a recent extension of the Prevention of Money Laundering Act (PMLA). This is one reason.  

“After the inauspicious pitripaksha fortnight, we have seen an increase in consumer footfall. However, new jewellery demand has been negligible. Most orders are for replacement or scheme-related, not healthy sign for jewellers,” said Kumar Jain, Director, Umedmal Tilokichand Zaveri, a bullion dealer and jewellery retailer at Zaveri Bazaar here.

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