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Gold sales average on ‘dhanteras’ in Mumbai
Mumbai, Nov 5 (IANS) Keeping in tune with expectations, gold sales have notched a sharp fall of 40 per cent this year compared to 2017 Diwali owing to high prices and overall negative market sentiments, a leading retailers body said on Monday.
“Though there are crowds, people are not buying as per the expectations, but merely making token purchases of 5-10-20 gm to mark the auspicious day. Mostly gold coins/guineas are moving while small, medium or big articles of jewellery are virtually ignored,” said Mumbai Jewellers Federation President Rakesh Shetty.
However, another industry body, the All India Gem & Jewellery Domestic Council (GJC), said that contrary to expectations, gold and jewellery sales have zoomed during ‘dhanteras’ and the positive trend was expected to continue till the upcoming winter wedding season.
“The past three days have surprised even the industry. People are literally out in droves in shops and showrooms to make gold purchases. Since two months, till last Saturday, the market situation was extremely gloomy,” said GJC President Nitin Khandelwal.
However, this time the purchases – mostly in small jewelleries of 10 gm (1 tola) or multiples – is for end-user purposes and not as investments, with the prospects of gold prices shooting up with the likely increase in US dollar rates soon.
“Our expectation is that USD may touch around Rs 85 in the near future given the current international scenario. Along with that, gold itself would shoot up to Rs 45,000 per tola (10 gm). Plus, the upcoming winter marriage season is also driving up the sales,” Khandelwal told IANS.
The market sentiments are positive despite the gold rates going up from Rs 30,000/tola in ‘dhanteras’ 2017 to around Rs 31,500/tola this year, which portends good for the industry.
Adopting a cautionery stand, World Gold Council Managing Director P.R. Somasundaram said that though the feedback from the industry suggests good footfalls, “the demand could be moderate” in view of the recent sharp increase in gold prices.
“Organised players seem better places, a trend that has become evident in recent years after a spate of transparency measures. Digital wallets and online buying also seem to be growing in popularity, though they are relatively small,” Somasundaram said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.