Jewellers also expect demand to be more inclined towards investment related items like coins, bars after launch of three schemes by Prime Minister Narendra Modi last week.

The business during this Dhanteras is likely to be 'similar to last year or go up marginally', said Anmol Jewellers Founder Ishu Datwawani.

"It has been a quieter year, where revenue has dropped. However, for the last two months we are witnessing a spike in sales, but in phases," he said.

P N Gadgil Jewellers' CMD Saurabh Gadgil said that compared to last year the market is not so buoyant but the weakness in gold prices will keep up some of the demand.

"The demand this year will be inclined more towards investment related items like coins, bars among others than towards jewellery especially after the launch of the three gold schemes by the prime minister," he added.

Jewellers said poor monsoon this year and weak economic environment may impact buying sentiment.

Datwawani said that volume wise gold will move more as the weak prices will support the demand, but when it comes to value diamond will do better.

MCX December gold contract last week traded as low as Rs 25,854 per 10 grams, while in international markets it was USD 1,087.60 an ounce.

All India Gems and Jewellery Trade Federation (GJF) Chairman G V Sreedhar said jewellers are hoping that coming down of gold prices is likely to boost demand.

"The market is looking positive and we hope that the low gold rates will boost the demand. The demand is picking up slowly and we are expecting 15-20 per cent rise in demand from last year," he added.

Moreover, the three schemes announced by the Prime Minister will create a positive environment in the market and establish gold as a fungible asset among consumer, he added.

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