"The retail sales as well as the bookings for the wedding season have gone up as people, who were holding back on expectations of fall in prices, started purchasing thinking it might go up further as the season progresses," Mumbai-based P M Shah Jewellers' Dinesh Jain told PTI.
According to Jain, there is great excitement in the market. People have been purchasing the precious metal even during the 'Shradhh', an inauspicious fortnight according to Hindu mythology, which will end tomorrow, he added.
The gold prices today ruled at Rs 15,944 per 10 grams in the domestic markets and in the global market it was at 1,022 dollars an ounce (28.34 grams).
All India Gems and Jewellery Association Chairman Ashok Minawala said, there is a change in mindset of people, who have shown their confidence in gold as an ornament as well as an investment option.
"In the first quarter of this year the jewellery sales have been slow, but since then the demand has picked up and is likely to remain positive till the rest of the financial year," he said.
Echoing his Minawala Surat-based Kushal Das Jewellers' Deepak Choksi said the current positive trend in gold jewellery sales is likely to continue till the end of wedding season, which is till March 2010.
He also pointed out that the current upbeat market mood would help recover some of the losses incurred last year. "We hope to recover last year's loss through robust business this seasons' business and swing into profit," he said.
This year there is lot of new jewellery purchases instead of recycling of old ones, "Which gives us hope that the high prices, which affected last year's sales, is not going to affect sales this season," Minawala said.
economictimes.indiatimes.com
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