A look at social media feeds in India over the past month shows that weddings As couples rush to tie the knot after some virus restrictions are lifted.
About 2.5 million celebrations are projected to take place from mid-November, about a quarter of this year’s estimated annual total, after the government eased some restrictions around gatherings. This is a big change for jewelers in India, who have seen demand for nearly two years as the coronavirus has led to the postponement of several weddings – a major source of demand for the country which considers buying and gifting. Sleep As auspicious – while widespread financial hardship further curbed buying.
bumper festive season Could help push India’s gold forward Import Metals Focus Ltd said it has reached 900 tonnes this year, the highest in six years. According to World Gold Council data, this is up from last year’s nearly 350 tonnes.
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Chirag Sheth, Mumbai-based consultant at Metals Focus said, “Low prices and sluggish demand have helped boost sales, but we are also seeing a lot of weddings this year, some estimates suggest we may have record numbers. might.” What has happened in the last one and a half years has rekindled people’s faith in gold.
India is the world’s second largest gold consumer and imports almost all the metal it consumes. Buying typically peaks in the festive quarter of October to December, and the World Gold Council has previously estimated sales in this period will be at least a decade’s best.
About 2.5 million celebrations are projected to take place from mid-November, about a quarter of this year’s estimated annual total, after the government eased some restrictions around gatherings. This is a big change for jewelers in India, who have seen demand for nearly two years as the coronavirus has led to the postponement of several weddings – a major source of demand for the country which considers buying and gifting. Sleep As auspicious – while widespread financial hardship further curbed buying.
bumper festive season Could help push India’s gold forward Import Metals Focus Ltd said it has reached 900 tonnes this year, the highest in six years. According to World Gold Council data, this is up from last year’s nearly 350 tonnes.
weddingsCheer
Chirag Sheth, Mumbai-based consultant at Metals Focus said, “Low prices and sluggish demand have helped boost sales, but we are also seeing a lot of weddings this year, some estimates suggest we may have record numbers. might.” What has happened in the last one and a half years has rekindled people’s faith in gold.
India is the world’s second largest gold consumer and imports almost all the metal it consumes. Buying typically peaks in the festive quarter of October to December, and the World Gold Council has previously estimated sales in this period will be at least a decade’s best.
“There were so many weddings that were postponed from last year and now again” global pandemic Tanya Rastogi, director of Lucknow-based Lala Jugal Kishore Jewellers, said, “This is inspiring some couples to go ahead with their celebrations.” “This time customers were looking for heavy gold jewelery rather than stone studded jewellery, indicating a trend that jewelery is again being bought with great sensitivity to its investment value.”
Improvement in consumer confidence and fall in gold prices from last year’s peak is likely to boost demand further. “We are extremely optimistic about Indian demand in the long term as prices have normalized and bottomed out,” Sheth said.
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