Jewellery sales at 70% of pre-Covid mark

CHENNAI: Jewellers heaved a sigh of relief on Friday as the traditionally high-demand occasion of Dhanteras saw sales match optimistic expectations. According to Anantha Padmanaban, chairman of the All India Gem and Jewellery Domestic Council, optimism in the market, pent up demand, and a correction in gold prices over the past few days had helped jewellers garner a good response on Dhanteras. 

“The market showed positivity since the morning as stores received good footfalls. And it seems the footfalls have translated into good sales too. Market trends suggest that we will be able to reach almost 70% of last year’s sales and this is a good sign of recovery for the industry,” he said. 

According to the AIGJDC, there has been a 6 per cent correction in gold prices over the past 10 days, which has encouraged people to invest in gold. Adding to this, jewellers say pent-up demand is clearly showing up. 

Arun Narayan, VP- Category, Marketing & Retail, Tanishq, Titan Company,“Consumers have been looking to bring in auspiciousness to their lives whilst shopping in stores with high safety standards. We have seen consequently a good Dhanteras and the drop in gold rates over the past few days have also helped.”