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Gudi Padwa churn mixed sales results for jewellers
Fall in gold prices was a booster to some extent
By: Diamond World News Service
Apr 1 2014 9:55PM
Reference: 8996  

Jewellers in India have experienced a mixed response to sales on the festival of Gudi Padwa this year which coincided with a fall in gold prices, reports say. The festival traditionally marks a new year beginning as per the Hindu calendar. It is welcomed with a purchase to symbolise auspiciousness and in India, gold is one such major element.

With gold prices falling to Rs. 28,000 per 10 grams from the prevailing Rs. 29,000 per 10 grams, the platform was ideal to expect good sales, although sales proved a mix of remaining flat, or seeing a rise across major cities, towns and tier II and III cities, reports say.

Factors of uncertain market conditions before the election period, an early Gudi Padwa which usually falls close to the wedding season and induces wedding jewellery purchases were cited as some of the reasons for slow or flat sales for gold during the festival this year. Weather patterns of rains and hailstorms affected the demand of the Tier II towns, with some jewellers experiencing low sales. Purchase of small coins or light weight jewellery was seen during the festive day, reports suggest. Also, the fall in prices deterred the investment class, reports say.

While on the optimistic side, there were those who took advantage of the fall in gold prices and rupee appreciation, to book orders. Spot gold touched around Rs.29,000 per 10 grams from around Rs.31,500 per 10 grams, reports add.

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