As the festive season starts, Raunak is returning to the markets again, which was lost due to Covid 19. Along with normal shopping, there has been a boom in gold shopping. The drought that was seen in the bullion market a month ago seems to be going away. Jewelers believe that the atmosphere on this festive season will not be the same as last year as Coronavirus has changed the situation this time. However, the situation was not the same for the last few months.
Balaram Garg, managing director of PC Jewelers, says that the festive season shopping has started well. Compared to the last few months, the situation has become better. But gold buying is still not as strong as last year. But if you compare with the previous month or the last quarter, then business is becoming better month after month. Next month, on the occasion of Diwali, the business will reach in good condition. It seems that 75-80 percent of the business that took place in the festive season last year will be covered this year. There is regular buying of gold from Navratri. As the festive season progresses, the situation will become more clear.
He told that in small towns, gold shopping is happening well, but there is still fear of corona in big cities. The shopping situation in Tier 1, Tier 2 and Tier 3 cities is better than in metro cities.
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Asked whether the price of gold which has come in between Rs 50-52 thousand in the last few days has also supported the sale, Garg said that till some time ago, gold has reached Rs 57-58 thousand per 10 grams. Was But at this time the price of gold running around 50 thousand rupees has been accepted by the customer. This price looks good. Gold prices in the domestic market were hovering around Rs 49200-51000 per 10 grams on Friday.
Lightweight jewelery is being sold now
According to Garg, people are shopping for lightweight jewelery right now. The shopping of heavy jewelery starts after Diwali, when the wedding season begins. Heavy jewelery is expected to be sold in November-December this year as well.
What is the estimate of GJC
The All India Gem and Jewelery Domestic Council (GJC) has also recently expressed hope that the industry will cover 60-65 per cent of the business during the current year, in the current festive season. Council chairman Anant Padmanabhan says that customers are expected to spend on large jewelery items this quarter. Saurabh Gadgil, chairman and MD of PNG Jewelers, is expected to get new purchases in addition to carrying pre-booked jewelery on Dussehra this year. Pre-booking of jewelery for Dussehra has also been good.
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