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Festive season boosts gold, silver jewellery demand among Mangloreans

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Mangalore: The festival of lights is just around the corner. Excitement is augmented and happiness is doubled when you add the sheen of exquisite jewellery to this festive season.

The city’s jewellers are gearing up with attractive offers and discounts on  gold, silver and diamond jewellery.

Customers have twofold benefits this year with the gold rate comparing well to the last year’s rate, and several Diwali offers to help them cash in to their investments.

Two months ago, the rate of gold recorded its lowest, at nearly Rs 2495 per gram, which has now increased gradually to Rs 2580 per gram (22 carat) owing to the upcoming festive season.

“There is a lot of speculation among people when rate falls; many hesitate to invest money while on contrary when the rate rises; with the concern of rising rate, people step out and cater their needs,” mentions K Suresh Shenoy, store manager, Abharan Jewellers.

Several jewelers in the city told newskarnataka.com that the auspicious day of ‘Dhanteras’ enhances demand among people, no matter what the rate is! Though many people prefer to buy gold and diamond jewellery on this auspicious day.

On gold investment, city jewelers averred that in light of the international rates of crude oil and dollar rates falling, gold rates too are slipping, and in this situation, people prefer not to invest too much in gold. However, investment in gold bars and coins is likely to pick up as the rate shows an upward trend.

The market demand shows that yellow metal is more in demand compared to silver and diamond.  However, the shine of silver is still pulling people. In silver, one can find an impeccable and elegant range of products related to worship, such as plates, deities’ idols, diyas, silver pots, lamps and bells etc.

With the onset of one of India’s most prosperous festivals ‘Diwali’ – several jewellers in the city are luring customers with attractive discounts and offers. “We are offering Rs 100 less on one gram gold, Rs 5000 less per carat of diamond and five percent off on silver,” says Guru Prasad Rao, Manager, Bhima jewellers

Shenoy adds, “We will be shortly coming up with a cash back offer and weekly bumper lucky draws. Besides, we are expecting nearly 15 to 20 percent increment in volume of sales in this season.”

The city’s Tanishq store too, has announced its exciting range of gold jewellery for the festive season.

On the future market-rate of silver metal, he opined that owing to festive season silver rates have slightly increased, and in the coming months its prices may go up by 10 to 15 percent.

The city jewellers are quite confident about the loyalty of their customers and their business segment. They feel that that the mere presence of any bigwig jeweller does not play a major role in terms of competition to them.

 

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