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Big sales: A saleswoman picks gold necklaces to show to a customer at a jewellery showroom in Kochi. About 60% to 70% of India’s gold consumption is in the form of jewellery. — Reuters

MUMBAI: Wedding invites have been sent and the festival season is expected to be lively. That’s good news for India’s gold jewellers, as a reprieve in the pandemic means they can eye a recovery in their most lucrative sales period.

In the final quarter, Indians usually boost their purchases of gold ornaments for marriage celebrations, while sales of coins and bars for investment surge during a series of celebrations that culminates with Diwali, or the Festival of Lights that this year is being held in November.

But during the pandemic, they’ve mainly held back their spending on the precious metal as prices surged and restrictions of movement crippled the economy, delayed weddings and muted festivals.

Now, daily-infection tallies around seven-month lows and climbing vaccination rates are boosting optimism of a better peak sales season.

Jewellers are being further encouraged that sales volumes will rise due to a 17% decline in gold prices in the local markets since their record high last August, as the precious metal’s safe-haven value wanes amid a global economic recovery from the pandemic.

About 60% to 70% of India’s gold consumption is in the form of jewellery. The World Gold Council data shows that Indians bought 315.9 tonnes of gold-use jewellery in 2020, almost equal to the combined purchases in the Americas, Europe and Middle East. China is the biggest buyer at 433.3 tonnes.

According to Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council, pent-up demand and lower prices could boost last-quarter gold sales as much as 15% higher than in the same period two years ago.

Indians bought 194.3 tonnes of gold in 2019’s October-December festival period and 186.2 tonnes during the same period last year, World Gold Council data shows.

“Last year was an aberration,” Pethe said of last year’s peak sales period. This quarter, gold prices “have mellowed down and are favourable; weddings are also very high in number.”

Bullion surged to a record last year on massive stimulus measures unleashed by central banks during the pandemic, which sparked a rush of investor money into exchange-traded funds. — Bloomberg



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