Gems And Jewellery Demand During Dhanteras, Diwali Could Surpass Rs 30,000 Crore

Executives estimated that the sales growth in terms of value could jump 10-15 per cent on a year-on-year (YoY) basis this Diwali, however, volume might slip

The Gems & Jewellery Export Promotion Council (GJEPC) noted that consumers have moved from diamonds to gold this year as lab-grown diamonds have become more popular and impacted demand for natural diamonds.

Source : ABPLIVE AI

The gems and jewellery demand during Dhanteras and Diwali this year is expected to remain robust even as prices continue to increase. The Diwali sales are anticipated to cross Rs 30,000 crore in the domestic market, industry experts noted.

The experts said that consumers are looking at gold as a reliable asset due to a price rise in previous metals. Meanwhile, silver is also becoming a popular buy amongst people owing to its relatively lower prices and high demand from industries, reported PTI.

Executives estimated that the sales growth in terms of value could jump 10-15 per cent on a year-on-year (YoY) basis this Diwali, however, volume might slip. Silver has turned out to be the top performer with yields surpassing 40 per cent, while gold gave returns of 23 per cent.

The Gems & Jewellery Export Promotion Council (GJEPC) noted that consumers have moved from diamonds to gold this year as lab-grown diamonds have become more popular and impacted demand for natural diamonds.

Ashok Bengani, President, Ankurhati Gems and Jewellery Manufacturers Welfare Association, pointed out that industry is trying to cut down import duties to help boost market sustainability.

“The geopolitical situation underscores the need for visionary leadership from the Finance Ministry to reduce import duties by 9 per cent, from the current 15 per cent on gold imports, making it easier for the market to thrive. This Dhanteras and Diwali season, sales are expected to cross Rs 30,000 crore, despite some decline in volume,” Bengani noted.

Suvankar Sen, MD and CEO, Senco Gold, explained that elevated gold prices could slightly have an impact on sales volume, while volume is expected to decline 12-15 per cent. However, the executive said that a 10-12 per cent increase is expected in terms of value. “The addition of lower 9Kt purity and lightweight gold jewellery options has expanded demand opportunities, especially among working women,” Sen stated.