Commodity markets : The shine of gold is continuously increasing. The effect of reduction in import duty is clearly visible in the markets. There is a sudden increase of up to 40 percent in the footfall of the gold market. The demand has increased with the start of the festive season. Due to this, gold is once again rising rapidly towards its peak. Today, there was a rise of Rs 450 per 10 gm in gold on MCX. The price of gold on MCX reached Rs 72200 per 10 gm today. Along with gold, silver has also increased. Silver has crossed Rs 86000 per kg on MCX. The reduction in import duty has increased the buyers of gold. Jewellery purchases have increased by 30-40 percent in August.
How has the reduction in import duty affected the jewellery industry?
On this, MD Chetan Mehta of Laxmi Diamonds said that a separate wing of bullion and jewellery has been formed in IBJA. Many progressive steps will be taken in the jewellery segment. People will be educated about tech, AI and hallmarking. Small jewellers will be educated and updated about all these. The reduction in import duty has given a boost to the jewellery industry. Good sales are expected this festive season. Compared to last year, 30-35 percent more growth is possible in the jewellery industry this year.
The festive season has begun. How can the demand in the jewellery market be this year?
Talking about this, Vasupati Jewelers director Mansukh Kothari said that there are more weddings this year compared to last year. There is a possibility of more demand in the festive season. Investors’ trust in gold has increased due to better returns. Gold has always been the king in sales. Better innovations are happening in gold jewellery. There is a 32-35 percent increase in jewellery demand. There is more focus on handcrafts and heavy jewellery.
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How can the jewellery market be this year compared to last year?
Speaking on this, MD of Senko Gold, Suvankar Sen said that in the first quarter, the jewelry market saw a growth of 7.5 percent. Whereas, in the second quarter, it grew by 15 percent. Footfall has increased after the duty cut. The duty cut is a commendable step for the industry. In the second quarter, 15-18 percent growth is possible in the jewelry industry on an annual basis. Advance booking has started for the festive season.
Senko currently has 166 stores. The target is to increase the number of stores by 18-20 this year. 3-4 new stores have been opened in the first quarter. The company is more focused on the eastern and north Indian markets. There is good demand from big and small cities. Vishwakarma Yojana will be implemented in a better way. The export market is expected to improve after the US elections.