Summary:
Demand for gems and jewellery during Dhanteras and Diwali is expected to remain strong, with Diwali sales projected to exceed US$ 3.57 billion (Rs. 30,000 crore). Increased precious metal prices are making gold a reliable asset, while silver’s lower price and industrial demand boost its popularity. Analysts anticipate 10-15% YoY sales growth, though volume may decline.
The Eastern Regional Chairman of the Gems and Jewellery Export Promotion Council highlighted gold’s continued appeal amid global uncertainties, while silver’s affordability increases its popularity. A shift from diamonds to gold has occurred due to lab-grown diamonds affecting natural demand. Industry leaders urge a reduction in gold import duties to 9% for market sustainability. Optimism remains high, with projected sales growth of 10-20%.
Source: IBEF
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