Happy Navratri 2021: It's season for glitter and gold as Navratri festivities begin across the country ! Jewellers are dusting off their counters to gear for what is traditionally the strongest 3 months of sale in the year.
As gold prices hover around 6 months of Rs Indians rushed to buy more. Prices are down over Rs 8,000 from record high of Rs 56,000 last year. India's gold imports in September soared 658% from last year's low base. In value terms India imported $5 billion worth of gold in September ahead of the festive season.
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Jewellers are also lining up with festive offers to lure shoppers back after a lacklustre season in 2020. One of India's largest jewellery chains Kalyan Jewellers is offering up to 25 per cent cashback on their jewellery purchases and also a book your rate scheme for gold prices. Many jewellery stores in south are also offering gold at your doorstep with delivery and even pick up EMI from home to ensure glitter is added to their sales numbers this year.
The love for gold is evident as Jewelers are being further encouraged that sales volumes will rise due to a 17% decline in gold prices in the local markets since their record high last August, as the precious metal’s safe-haven value wanes amid a global economic recovery from the pandemic.