High jewellery sales despite high price

Despite high prices prevailing in the market, the demand for jewellery remained high on Dashera. Though gold was traded at between Rs15,500 and Rs16,000 per 10 gm in Ahmedabad, 10 per cent higher than last year, jewellers across the city witnessed good sales.

“The demand for gold jewellery was normal compared to Dashera every year. But the jump from last year’s figure is very high. Last year, because of the slowdown, the demand for gold and gold jewellery was very low. This year, on Dashera, we have seen a tremendous response,” said Shanti Patel, president, Gem and Jewellery Trade Council of India.

On Dashera, jewellers in the city offered various schemes and offers to shoppers. “From national brands to local players, all have come up with some scheme or the other, such as discounts on labour charges, free gifts and lucky draws. Such offers attracted a lot of people to buy jewellery on the auspicious day of Dashera,” Patel said.

In Ahmedabad, around 100 kg of gold is sold on Dashera every year. “Last year, because of the slowdown, sales may not have touched this figure. But this year, despite the high prices, gold sales are likely to cross this mark of 100 kg,” said Manoj Soni of AB Jewels.

According to Soni, people are still afraid of the price of gold rising to Rs18,000 per 10 gm. “Coincidently, gold prices were down over the last few days of the festive week. Gold was being traded at around Rs15,500 per 10 gm,” Soni said. At this time every year, the demand for gold coins is more, but this time there is greater demand for jewellery, he said.