Jewellers rush to offer discounts as sales slow down this wedding season

Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles take the sheen off gold

Jewellery sales in India have declined by up to 70 per cent so far this wedding season, due to the overall slowdown in economic growth, high gold prices and the shift in consumer preference towards cheaper gifting options such as electronic goods and mobiles.

While urban jewellers have witnessed intermittent purchases from occasional consumers in small denominations, rural sales have been impacted very badly due to a slowdown in agricultural growth and subdued farm income brought on by weak agri commodity prices. Most importantly, even occasional buyers are entering the shop either to redeem gold deposit schemes or to replace