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India gold, silver sales dip almost 40% this Dhanteras

29 october 2019

india_flag.pngMirroring slowdown in the economy, pre-Diwali Dhanteras sale of gold and silver dipped by as much as 40 per cent as high prices and lower consumer spending hit demand, according to media reports.
Dhanteras considered the most auspicious day in Hindu calendar for buying items like precious metals was a muted affair this year in most markets across the country, with traders complaining of lesser footfall and reduced consumer spending.
Sales were down as prices of both gold and silver have sharply increased from over last Dhanteras, which has weakened the demand. This is perhaps the "most disappointed Dhanteras" for the traders in past more than 10 years.
Jewellers' apex body All India Gem and Jewellery Domestic Council (GJC) chairman Anantha Padmanaban said, "In volume terms, we expect sales to be 20 per cent less than last year. In terms of value, it will be same as last year because of higher prices."

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished