With the festive season starting from next month, the demand for gold and silver jewellery will increase. Jewellers in the market feel that the drop in prices of gold and silver is a good opportunity for consumers to buy jewellery. “Consumers should take the benefit of the lower prices gold and silver and start buying before the prices move up again,” said Amit Sathe of Sathe Jewellers, Dharampeth while speaking to The Hitavada.
In the city, the price of gold is quoted at Rs 50,600 per 10 gram on July 21, as compared to Rs 52,500 per 10 gram on July 1, a significant drop of Rs 1,900 per 10 gram. Similarly, price of silver has dipped to Rs 55,500 per kg on July 21, as compared to Rs 60,000 per kg on July 1, a fall of Rs 4,500 per kg. The prices of gold and silver are without Goods and Services Tax (GST). Within a short span of 21 days, there has been a significant drop in prices of both gold and silver, he pointed out.
Sathe expects the price of gold to surpass the previous high of Rs 56,000 per 10 gram by Diwali.
Kishore Sheth of Batukbhai and Sons Jewellers, Dharampeth said, “We expect that there will be strong demand for jewellery this year. Unlike the past two years of COVID-19, this year things are getting normal and people have started to travel to work and go out more often on a regular basis. Also, there are a large number of weddings taking place this year. All these factors will push demand for gold resulting in higher prices.”
Apart from this, more young women are working these days and financially independent. They prefer to wear light weight every day use jewellery. Thus, there is high demand for light weight jewellery, he said.
“Consumers should purchase gold and silver jewellery whenever the prices fall. This will provide greater appreciation to their investment. It has been witnessed that gold and silver prices have steadily increased over a long period of time,” he pointed out.
Rajesh Khandelwal of Khandelwal Jewellers said, “This is the right time to purchase gold as it has dropped at two year low. People with marriages at their homes or modern women that are fashion conscious should not miss this opportunity.” “We are displaying the latest designs in rose gold and green gold jewellery which is attracting people in large numbers.
Rajkumar Gupta of Pooja Jewellers, Itwari said, “People in large numbers should take the benefit of lower prices of gold and silver jewellery and make their purchases before the prices start to rise.”