Festive season reignites gold jewellery demand
As the festive season begins and Navratri gold demand picks up, jewellers have begun to restock gold jewellery for the festive season and bullion dealers are beginning to charge a premium signifying revival. Bullion dealers were offering discounts on gold up until a week ago but increased demand has now led the precious metal to command a $1 (Rs 73) premium per troy ounce, ET Bureau reported. With jewellers restocking gold and the wedding season approaching, demand appears to be reigniting following the intense slowdown brought about by the coronavirus pandemic. “We are seeing an improvement in demand since last Saturday, when the auspicious Navratri celebrations began,” RiddiSiddhi Bullions’ director Mukesh Kothari told ET Bureau. “Gold is now at a premium and going ahead the premium may go up further if the pent-up demand in the market is fulfilled. Imports will definitely go up to 30 tonnes in October.” Gold imports had been down to 11 tonnes in September and increased imports will help to stimulate business. The Gem and Jewellery Export Promotion Council’s recent digital edition of India International Jewellery Show also showed signs of business recovery with estimated business dealings worth Rs 1,000 crore at the trade show, according to the traders’ body’s website.