Page 34 - Bullion World Volume 03 Issue 5 may 2023
P. 34
Jewellers at the 3rd India Gems and
Domestic Jewellery Show project 20% increase in
jewellery sales this season
All India Gems and Jewellery Domestic Council (GJC) inaugurated the
3rd edition of the India Gem and Jewellery Show (GJS) at the Bombay
news tonnes of gold during the three-day-long event. Retailers, wholesalers,
Exhibition Centre (Nesco) in Mumbai. It reported a business of over 80
manufacturers, traders and delegates from across India participated in
the event.
Source: https://indiaeducationdiary.in
Globally, Ultra-rich Indians are now
Wedding season parking more money in gold: Knight Frank
keeps gold imports survey
upbeat As compared to 4 per cent in 2018, ultra-high net worth Indians allocated
6 per cent of their wealth in gold in 2023, a survey released showed. Gold
Even though gold prices witnessed allocation by the Indian ultra-wealthy individuals stood higher than the
a sharp rise during the fiscal year average allocation of UHNWIs from the global and Asia Pacific (APAC)
2022-23, the imports of the yellow regions. In countries like the United States of America (USA), South
metal touched 49.18 metric tonnes Korea, Italy and Ireland, only 1 per cent of the ultra-rich allocated their
(MT), up 29% against 38.27 MT in wealth towards gold in 2022. In the United Kingdom (UK) and Australia,
the previous fiscal year, according to it was 2 per cent.
data by the Ahmedabad Air Cargo Source: https://www.business-standard.com
Complex (AACC). "Gold prices
remained fairly stable during the Low-weight jewellery sales up
fiscal year. Due to price corrections,
gold prices plunged to as low as Rs This year’s Akshaya Tritiya witnessed a rise in low-weight gold jewellery
51,300 per 10 grams. This resulted sales as consumers cut down on spending due to the high price of the
in jewellers and stockists buying a lot precious metal. The price of gold is roughly 18% higher than last year’s
of gold, anticipating demand for the Akshaya Tritiya. This helped branded jewellers match average sales value
festive season and weddings. to last year’s, despite volumes being around 20% lower. Somasundaram
Source: https://timesofindia. PR, regional CEO, India, World Gold Council, said that Jewellers were
indiatimes.com upbeat about sales in stores in terms of gold demand this Akshaya Tritiya
festival in terms of sales figures, which were matching with last year.
Some pockets, like southern market demand, were good. Branded stores
saw good footfall.
Source: https://www.financialexpress.com
Investors see golden opportunity in silver
Silver is gradually becoming the new gold. With gold prices skyrocketing
and an anticipation of silver prices too touching record-high levels,
investors are increasingly turning to silver. According to estimates from
bullion market, silver prices are expected to touch Rs 85,000 per kg
down the year. Even as gold prices are on the upward trend, investors
are increasingly turning to silver to balance their investments over the
years. Even on Akshaya Tritiya, a day considered auspicious for muhurat
purchases, silver was traded more across the country.
Source: https://timesofindia.indiatimes.com
