India’s gold sales dip amid uncertain US election and record-high prices during Diwali season

Gold jewellers and traders in India who spoke to This Week in Asia estimate a 10 to 20 per cent decrease in sales volume compared to last year’s peak buying period, which starts a month before Diwali.

“Purchases are certainly down this year from last Diwali in volume terms, although the sales value is around the same,” said T.K. Chandran, managing director of DKTM Jewellery Ltd, which operates around 50 showrooms nationwide.

“Most people are saying that those prices could change only after the US elections,” he added.