gold jewelery demand will go up in india despite rising prices says big jewelers

Gold Jewelery Demand: Indians' passion for gold is well known. The report of the World Gold Council (WGC) also confirms this desire. According to the report, India is one of the largest markets for gold and it is growing rapidly. This is the reason why gold prices are rising rapidly in the country. On Friday, gold rates in Delhi reached the level of Rs 67,350 per 10 grams. It is feared that gold may soon cross Rs 69 thousand. Despite this, there are no signs of any decrease in the demand for jewellery.

Gold prices could not stop jewelery buyers

Gold rates continued to rise during the financial year 2023-2024. Due to Russia-Ukraine war, Israel-Hamas war and tensions in the Middle East, investors remained inclined towards buying gold. Central banks around the world also purchased gold on a large scale. During this financial year, gold prices on MCX increased by almost 12 percent and crossed the mark of Rs 67 thousand from Rs 59400 per ten grams. But, according to various jewellers, these rising gold prices failed to deter people from buying jewellery.

Demand expected to remain strong during wedding season

A Mint report quoting Saurabh Gadgil, MD and CEO of PNG Jewellers, said that the purchase of jewelery increased rapidly during festivals. Customers are buying a lot of jewelery on festivals like Holi, Gudi Padwa and Akshaya Tritiya. Wedding season is also coming ahead. In such a situation, there is full hope that the demand will remain. The World Gold Council believes that gold is seen as a safe investment in rural areas. That's why they invest a lot on jewellery. However, due to the general elections, there may be some decline in the purchase of jewellery.

Demand may increase by 10 percent in the next quarter

According to Mitesh Khimji, Director of Khimji Jewellers, Akshaya Tritiya is just around the corner. Besides, crops have also started arriving in rural areas. In such a situation, the demand for jewelery is expected to remain strong. Customers are worried about their budget but, based on the trend of the last few years, we are hopeful that the demand will continue to increase. Demand may increase by 10 percent in the next quarter.

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