Mixed response to jewellery sales on ‘Gudi Padwa’

Domestic jewellery retailers, who usually look forward to the Indian Gudi Padwa festival expecting to clock in good sales, have met with a mixed response of good and average sale during the festival this year. Gudi Padwa is believed to mark the beginning of the Hindu calendar, and is celebrated with new purchases and investments, especially gold and jewellery which are considered symbols of auspiciousness.

Some jewellery retailers state that rising gold prices have kept shoppers away, who are limiting their purchases to their budgets and are not too keen on purchasing expensive items. Gold prices have been at Rs 22,100 per 10 gm (24 carats) and silver prices at around Rs 58,500 per kg. But for some jewellers, the sale of gold and silver items has been good during this year’s Gudi Padwa, reports suggest, while also adding that the consumer outlook has been bullish on the metals for sometimes now and are not afraid of the rocketing prices.