New Delhi: Jewellery stocks came under selling pressure and tumbled up to 6.6 per cent on Dhanteras. Shares of Tribhovandas Bhimji Zaveri dropped 6.65 per cent, Thangamayil Jewellery 4.81 per cent, PC Jeweller fell 4.07 per cent and Titan Company 2.94 per cent on the BSE on Friday. Dhanteras, celebrated in northern and western parts of India, is considered an auspicious day for buying gold, silver and other valuables.
Gold and jewellery sales were muted till afternoon on the occasion of Dhanteras as people preferred silver coins and utentils for token buying amid sluggish consumer spending and high rates of the precious metal, according to industry players.
Titan Jewellery Division Senior Vice President (Retail and Marketing) Sandeep Kulhalli said: "The market has been impacted by a sudden gold rate surge in July, and general downturn in consumer spending. Growth has been muted so far but we have seen an upsurge in our business since the last few days." India is the world's largest consumer and importer of gold.
