Gandhinagar, Nov 14 (IANS): The auspicious day of Dhanteras brought good news for the jewellery business in Gujarat.

According to market information, business worth over Rs 300 crore was carried out on Friday, breathing oxygen into the subdued jewellery business in the state.

Friday proved to be lucky for the jewellery business, which, according to market experts, was slack till now and they see this as a new beginning for better days to come.

Despite the global pandemic threat still looming large, the auspicious day of Dhanteras brought people from all strata out in large numbers to buy gold and silver jewellery across Gujarat.

In major cities like Ahmedabad, Surat, Vadodara and Rajkot, people were seen standing in queues to enter jewellery shops despite the soaring prices of gold and silver.

"Although we have had around 60 per cent of the business as compared to last year, considering the corona crisis and the after effects of the lockdown, even this business has brought smile on our faces.

"From the figures we have, the people in Gujarat bought over 550 kg gold and more than 2,500 kg silver and over Rs 320 crore worth business was carried out in jewellery trade," said Jigar Soni, the President of the Jewellery Association of Gujarat.

On Friday, the price of gold was Rs 52,800 for 24-carat, including GST, and Rs 65,000 for silver, including GST.

"We expect that from now on, business will be better. People bought gold and silver ornaments and also coins. Even diamond and platinum ornaments did good business," added Soni.

"You see, old is gold but gold is never old... people everywhere are putting their trust in gold more than anything else, especially after the coronavirus break. Now even those who used to invest in other businesses are turning to gold. We expect good business in the coming days, provided the prices of gold stay stable at around Rs 50,000 to 53,000," Soni said.