A sharp fall in gold price came as a
boon for Kolkata jewellers this Polila Baisakh as sales of the precious metal jumped about 15 per cent in volume terms on Monday compared to last year.
West Bengal ushered in the Bengali New Year 1420 on Monday. The day also marks the beginning of the new financial year for traders and businessmen, who open new account books. This ceremony is known as the 'haal khata' ceremony.
"A huge drop in gold price has led to considerable hike in
demand for gold jewellery," Bachhraj Bamalwa, former chairman of the All IndiaGems and Jewellery Trade Federation, said.
The Bengali New Year is considered auspicious for buying gold. Moreover, this Poila Baisakh saw the price of the yellow metal recording the biggest ever fall of Rs 1,250 per 10 gram to hit a one-year low.
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Gold price has dipped about Rs 2,200 per 10 gram in the last two to three days. Buoyed by this,
jewellery sales this time have soared by about 15 per cent in volume terms compared to last year," Bamalwa said.
Pankaj Parekh, vice chairman of the Gem and Jewellery Export Promotion Council, seconded Bamalwa.
"Sales have increased due to the sharp dip in price," Parekh said.
He said export orders for gold jewellery have also seen a hike recently as the price of the precious metal decreased by about Rs 4,000 per 10 gram during the last two months.
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