Gold jewellery sales to decline by 60%: Media Report

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Gold jewellery sales to decline by 60%: Media Report
Despite demand, gold jewellery sales are likely to decline by up to 60 per cent this festive season due to stock crunch following restrictions on imports, reported PTI.

"Demand is definitely there for gold jewellery and coins. However, we do not have enough stocks in the market to cater to the demand of this festive season as there were no import since the last 2-3 months," Kumar Jain, Mumbai Jewellers Association Vice-President, told PTI.

Customers are, therefore, buying silver or diamond, he said.

Due to a slew of government curbs to contain current account deficit (CAD), there was no gold import in August and September. This month the yellow metal that was lying at Customs warehouses was released into the market, Jain said.

Some of the demand is being catered through earlier stocks and recycled jewellery, he added.

Read more about: gold, current account deficit
Story first published: Friday, November 1, 2013, 9:20 [IST]
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