Fall in gold price boon for jewellers in Bengali New Year


Kolkata: A sharp fall in the price of gold came as a boon for city jewellers this Polila Baisakh as gold jewellery sales jumped about 15 percent in volume terms Monday compared to last year.

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“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, told IANS.

West Bengal Monday ushered in the Bengali New Year 1420. This 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.

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.

“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 percent 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.