New Delhi, Oct 10 (KNN) Since the soaring gold prices have lessened the Diwali sale for the jewellers unlike previous years, Ketan Shroff, spokesperson of India Bullion and Jewellers Association (IBJA) said that this year Diwali is only in calendar and not in the market.

''I will be very frank, see, this year Diwali is only on calendar, it's not there in market,'' he told KNN India while answering a question on whether this year Diwali will help jewellary industries to see glitter amid economic slowdown.

India is the world’s second-biggest gold consumer. With just few weeks for Diwali to come, jewelers are coming out with promotional skill to increase buyers' footfall.

Shroff also stressed that people don’t have money to pay for the simple services, there is job cut also and recession, so these things matters while buying gold and he also added that, ''Gold is a luxury item and investment item, not a necessary item that people will run after it leaving all their necessities behind."

Shroff however said gold is a good commodity for investment as the gold prices will likely cross Rs 45,000 per gram after six months.

''We may see the prices coming down by next year November-December but not right now, he added.

However, he also expected that if the market remains stable, then gold prices might come down.

''In coming days, if there is correction and the market is stable like today we have 39,000 and let’s assume tomorrow it will come down to 38,000 or 37, 000 then in that case we can expect prices coming down,’’ he added.

Gold has soared in 2019, hitting a six-year high in dollar terms, as investors fret about the impact of the trade war, central banks cut rates and exchange-traded fund holdings surge. In India, where prices hit a record in September, the rally comes as the country’s growth slows, unemployment rises and a crisis of confidence engulfs the banking system. Its imports fell for a third month in September to the lowest in more than three years as jewelers cut purchases. 

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