Indian jewellers gear up for next festival as gold sales pick up pace

Indian jewellers gear up for next festival as gold sales pick up pace

A salesman shows a gold necklace to customers at a jewellery showroom in Ahmedabad BENGALURU/MUMBAI (Reuters) – Healthy sales during a recent festival encouraged Indian jewellers to continue stocking up this week, while more supply started to make its way into Singapore and Hong Kong as dealers navigate around COVID-19-led bottlenecks.

Indians celebrated the Dussehra festival on Sunday, and now await Diwali and Dhanteras in November.

"Dussehra sales gave confidence to jewellers. They’re now buying for Diwali," said a Mumbai-based dealer with a bullion importing bank.

Premiums of $1 an ounce were charged over official domestic prices, including 12.5% import and 3% sales levies, from $5 premiums last week. Local gold futures were trading around 50,500 rupees ($682.96) per 10 grams."Retail consumers are slowly adjusting to higher prices," said Aditya Pethe, director at Waman Hari Pethe Jewellers.In Singapore, premiums of $0.80-$1.30 an ounce were charged over international spot prices."As more countries […]

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