Coimbatore: On the occasion of Diwali, 1.5 tonnes of gold was sold in three days in Coimbatore district. In the coming days, there has been a demand to give concession on import duty to increase the sale of gold jewellery.
In this regard, Coimbatore Gold Jewelery Manufacturers Association President Muthuvenkat said:
More than any other festival, most people prefer to invest in gold for Diwali.
Big jewelery is not selling much this Diwali.
Kolusu, metti, tudu, thong, groom’s ring, girl’s ring etc. were sold.
In the three days ending with Diwali, one tonne of gold jewelery has been sold within the Coimbatore metropolitan area.
We have estimated that 1.5 tonnes of gold jewelery would have been sold across the district.
Even after Diwali, people are interested in buying gold. For the last two years, the sale of gold during Diwali has not been that much. Last year, it sold up to 600 kg.
This time sales of clothes etc. increased. Economic normalcy is returning. We hope that gold jewelry sales will increase in the next few days.
The basic import duty on gold has been hiked by 5 percent from June 30.
If the tax hike is relaxed for a few days, people can buy more jewellery.
We have requested the central government in this regard; We hope the government will consider it.
Thus, he said.
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