Gold Prices Plummet, Sagar's Jewellery Market Sees Rs 50 Crore Business

Sagar: The jewellery market in Sagar has witnessed a surge in business, with transactions worth Rs 50 crore in just one week, following a drop in gold prices. The Centre's decision to reduce customs duty on gold and silver from 15% to 6% has led to a decline in prices, attracting investors and families preparing for weddings.

In the past week, the jewellery market has seen a significant increase in footfall, with investors and families buying gold ornaments in bulk. According to jewellers, the demand for gold has increased by 20-25% daily since the reduction in customs duty. The jewellers are expecting a good sale of jewellery during the upcoming festive season.

The prices of gold have been declining over the past week. On July 23, the price of 24-carat gold was Rs 74,500 per 10 grams, which dropped to Rs 71,100 per 10 grams on July 30. This decline in prices has led to an increase in demand, with many investors and families buying gold ornaments in anticipation of future price hikes.

Jewellers are also offering booking schemes to customers, while some have even cancelled the holidays of their craftsmen to meet the growing demand. The Sarafa Association has warned that the prices of gold may increase again if the GST is hiked in the upcoming meeting of the GST department in August.

The association's presidents, Vikram Soni, and Sanjeev Divakar, said that customers should take advantage of the current low prices and buy gold ornaments now, as the prices may increase soon. The jewellers are expecting a good sale of jewellery during the upcoming festive season, with many customers already placing orders for gold ornaments for weddings and other occasions.

The prices of gold over the past week have been as follows:

* July 23: Rs 74,500 per 10 grams
* July 25: Rs 73,000 per 10 grams
* July 26: Rs 72,800 per 10 grams
* July 27: Rs 70,500 per 10 grams
* July 28: Rs 72,800 per 10 grams
* July 29: Rs 72,500 per 10 grams
* July 30: Rs 71,100 per 10 grams