Prayagraj : With a fall in prices of gold and silver ahead of Diwali , city jewellers are hopeful for brisk business worth Rs 300 crore on this Dhanteras and Diwali. In fact, jewellery markets at Chowk and Civil Lines have witnessed a sharp rise in footfall, with the majority of customers exchanging new gold and silver designs in place of old jewellery.
President of Allahabad Jewellers’ Association Dinesh Singh told TOI, “Jewellers’ community hopes for business worth Rs 300 crore on Dhanteras and Diwali. Singh, meanwhile, said the price of 10 grams of 24-carat gold fell by up to ₹20,000-22,000 within a week and currently stands at Rs 1.42 lakh per 10 grams. Similarly, the price of 1 kg silver fell by 75,000 and now stands at 2 to 2.2 lakh per kg. Earlier, gold became cheaper by Rs 8,084 and silver by Rs 39,485 in Oct. On Oct 1, 1 kg silver was priced at Rs 2.2 lakh, while 10 grams of gold cost Rs 1.48 lakh.
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Experts said the fall in gold and silver prices is driven by a stronger dollar in the international market and selling by large investors at higher prices. A day ahead of Dhanteras, customers flooded the Chowk-based jewellery market to buy gold and silver items, including jewellery, idols and coins. Following a drop in prices of gold and silver, customers have shown interest in buying new designs while exchanging their old jewellery. The fall in price comes after a challenging festive-season run for jewellers. Download the TOI App.
Retailers earlier pointed out how surging gold prices were weighing on jewellery sales, prompting consumers to opt for lighter pieces and more affordable designs.