Witnessing positive gold sales, expect it to be sustained till Jan: Experts

Diwali 2023 Buying gold or gold jewellery on Dhanteras and Diwali is considered auspicious by many For a long time gold has been seen as a safe haven investment for conservative investors Gold tends to act as a hedge against risks over the longtermAmidst the ongoing global geopolitical conflicts gold has found favour again with investorsAmid Diwali jewellers said that they are witnessing a positive sales momentum in the preDiwali season and expect it to be sustained till January 2024Ramesh Kalyanaraman Executive Director ndash Kalyan Jewellers said ldquoWith the festive and wedding season around the corner we are witnessing a positive sales momentum in the preDiwali season and expect it to be sustained till January 2024 This year the industry is benefitting from the extended wedding season as it coincides with the auspicious occasion of Diwali and DhanterasrdquoldquoConsidering jewellery preferences vary every 100 kms in India influenced primarily by the diverse culture and background of consumers we have been following a hyperlocal strategy to engage with the companyrsquos target audience Our hyperlocal strategy has been an integral aspect to the brand be it our product offering or our marketing campaigns in vernacular languages Following this strategy we have been successful in creating a niche market positioning as Indiarsquos nationallocal jeweller competing with the likes of panIndia as well as local jewellery players We believe it has enabled us in appealing to a wide audience by attempting to understand the local market preferences and trends in various geographiesrdquo he addedKalyanaraman further said that the revamped interest among younger millennial consumers towards the yellow metal has led to acceleration in demand momentum for traditional temple jewellery as well as polki and uncut jewellery piecesldquoAt the same time there is sustained demand for dualtone jewellery designs as well as diamond jewellery pieces which offer versatility for both casual occasions as well as wedding and festive celebrations As the industry gears up for a robust and bustling wedding season another key aspect is the unprecedented shift from unorganized to organized jewellery players wherein we stand as a key beneficiary We believe our aggressive marketing strategy clubbed with this transition will play a critical role in boosting our growth momentumrdquo he saidDiwali 2023 Gold PricesSnapping its fourday losing streak gold prices recovered sharply by Rs 250 to Rs 61200 per 10 grams in the national capital on Friday amid strong global cues according to HDFC SecuritiesIn the previous trade the precious metal had finished at Rs 60950 per 10 gramsSilver also rebounded Rs 700 to Rs 74000 per kilogramMeanwhile the closing price for 999 purity gold was Rs 60240 per 10 grams while that of 999 purity silver was Rs 70416 per kg the data available on India Bullion and Jewellers Associations IBJA website showed on Saturday