The Dhanteras season this year is likelyto see sales cross not just last year’s figures but even pre-Covid figures from 2019.
As per information from the India Bullion and Jewellery Association (IBJA), the turnover this year is likely to be Rs 21,000 crore. In terms of tonnes, the sale is likely to be between 40 and 42 tonne.
In 2021, 30 tonne gold was sold. A year prior to that, it was 15 tonne, and 28 tonne in 2019. IBJA NationalSecretary Surendra Mehta said people are buying gold as if they would be left without it.
“The uncertainty hovering around world economy, likely recession, strengthening of dollar index due to collapse of various world currencies, and geopolitical tensions are the main reason why there is a rush to buy gold,” he said, adding that the metal is hovering near Rs 50,000 per 10gram, which Indians feel is the new base price.
Mehta added, “We have observed that there is a huge rush to buy gold not only in western India but also in north India. Needless to say, inthe south,goldsells likehot cakes every year during Diwali.”
He said that a good monsoon has also enabled improved sales in rural India. “This year,we are observing good demand for not just light weight jewellery but also bridal jewellery,” said Mr Mehta.
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