Mumbai: Gold sales have picked up by 40-50% this month as consumers are getting used to digital transactions to purchase the metal
Gold jewellery sales are slowly picking up after having tumbled 75-80% in the days following the government's November 8 announcement demonetising high-value old currency notes.
Jewellers and traders said consumers in metros and smaller towns are gradually opting for digital transactions to purchase the metal to take advantage of its falling prices. Gold price has softened 11% since November 8.
More importantly, artisans in gold trade, who were asked to return home as orders dried up, are slowly returning to work.
"Gold sales have picked up by 40-50% beginning this month as consumers are getting used to NEFT, RTGS, online transaction, debit cards and credit cards for purchasing gold," said Sreedhar GV , past chairman of All India Gems & Jewellery Trade Federation (GJF).
"The government has also made it clear that there will be no tax on gold if it is bought through accounted money. This has also brought back a level of confidence among consumers.”
