Jewellery sales touch 110 bn in October

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The sales figures of gems and jewellery across India have witnessed an overall increase of 125 per cent during the festive season compared to last year, according to a press release by All India Gems & Jewellery Trade Federation. The good news came at a time when jewellers are witnessing some brisk business as consumers are keen to encash on the dip in prices.

Ashok Minawala, chairman, Gold and Jewellery Foundation, said, “Diwali commenced on a very affirmative note and we witnessed record breaking sales on Dhanteras, the best seen in the last seven years. The 47 per cent decline in the business that was witnessed in the first six months of this year has already seen compensation during the festive season.”

“Jewellers are upbeat about this and are looking forward to the year ending on a positive note. The prices shall be in the same range unless the dollar weakens, which gives the consumer the best opportunity for the forthcoming wedding season,” added Minawala.

Dinesh Jain, chairman, promotion & development committee, Lucky Lakshmi, world’s leading jewellery promotion festival, said, “October alone has seen sale of gold and precious stones to the extent of Rs 11,000 crore (110 billion), This year has witnessed growth through big numbers from the semi-urban and rural regions rather than the urban regions and 30 per cent of the sales are from coins and bars.”

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