Diwali set to dazzle despite inflation
Bucking the inflationary trend that has hurt most sectors, the gold sales chart in Pune is spiralling up and looks to be heading for a Diwali peak, after a Dussehra high.
Gold is selling at Rs 31,200 per gram but that has not deterred deterred people from buying some extra glitter this Diwali. A good rush at jewellery shops this festive season is translating into a significant increase in sales as compared to last year.
According to Sourabh Gadgil, partner, P N Gadgil Jewellers, customers are willingly spending on gold jewellery since the festive season is preceded by a wedding season. He said people are buying gold bars and coins, too, but the majority is buying jewellery. “The gold market is doing good. When the market is bullish, people invest in gold but during the festive season they prefer jewellery over gold bars or coins,” adds Gadgil.
During Dussehra, jewellery stores registered a 50 per cent increase in sale. “During Diwali, it will probably cross 50 per cent,” adds Gadgil. Sangeeta Lalwani, director of Gold Mart Jewellers says, “At Gold Mart, sale of jewellery is far more than bullion sale primarily because coins and bars are meant for investment and not celebration.”
M B Ashtekar Jewellers on Kasba Peth also saw good sales. At this jewellery store, Dussehra sale was as good as last year. “We are hoping it will be even better during Dhanteras and Diwali.” Mangalsutras make the maximum part of the total sale. Sale of ornaments is
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