Ground report on the purchase of gold: Jewelers expect good sales in the festive season, but customers are buying by looking at the budget

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The festive season has started with Navratri. From here till Diwali, buying gold is considered auspicious. Most people buy gold and silver especially on the first day of Navratri and then during Diwali. Jewelery traders in Bandra, Andheri and Ghatkopar, including Mumbai’s Zaveri Bazar, have little hope of good business this time.

Jewelers in Zaveri Bazaar witnessed a huge crowd on the first day of Navratri. Although there is no new trend in jewellery, jewelers believe that right now most of the customers are very careful and focusing on essential items.

Now people want to invest in gold
Kumar Jain, who does business in Zaveri Bazar, says that after Corona, the enthusiasm of the people is visible. Due to the cost of weddings due to Kovid-19, people now want to invest in gold. The rush of customers that is visible so far, looks like good business is expected this year.

Customers are coming, but purchases are getting average
One of the largest jewelery shops in Borivali, PN. According to Gadgil Jewellers, customers are coming, but average purchases are taking place. There is no shortage of customers. There may be more purchases in the coming days.

Focus on buying essentials
Tejaswini Puri, who came to Andheri to shop at a jewelery shop, says that at present, her focus is only on essential items. Since the purchase of jewelery is considered auspicious during the festive season, she has come to shop, but her budget is less than a tola. Archana Pathak in Malad also has a similar opinion. She says that we have to buy, but we also have to see our budget.

gold price right now
By the way, no one has any complaint about gold prices. Pathak says that if you look at the prices of gold, they are same as last year, but they are less. If it was more, then buy less gold in weight, but the price of gold is still fine.
Displeasure among shopkeepers over closure of shops
The displeasure of some shopkeepers is that there is an order to close the shops of jewelers before 9 pm. He says that it would have been better if the opening time of shops had been till 10 pm. Closing of shops at 9 am means that after 8.30 pm customers are not taken inside the shop and by 8.45 the customers are asked to complete the purchase.

91 tonnes of gold imported in September
Gold demand in the country is back on track amid festivals. In September, 91 tonnes of gold was imported. This is 658% more than in September 2020 and 250% more than before the start of the Kovid epidemic i.e. September 2019. A 20% reduction in gold prices over last year and the prospect of better festive demand this year has boosted gold imports.

26 tonnes of gold was imported in September 2019
In September last year, only 12 tonnes of gold was imported. In September 2019 also, only 26 tonnes of gold was imported. Then the prices had increased by about 26%, due to which the demand was weakened. But gold imports jumped to 91 tonnes in September this year.


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