WITH the start of the wedding season the demand for gold jewellery has jumped at the jewellery shops in the city. There is strong demand for gold jewellery with a rise of about 40 per cent as compared to the previous month. Overall there is excitement in the jewellery markets as the number of weddings this season is estimated to be 4 lakh in Maharashtra alone. This was revealed by Rajesh Rokde, Director of Rokde Jewellers, Secretary of Nagpur Sarafa Association and Director of All India Gem and Jewellery Domestic Council (GJC) while speaking to
The jewellers have anticipated that this season would be special and introduced huge range of jewellery consisting of the latest designs and collections, well in advance to woo the customers. In the absence of COVID-19 restrictions the people are venturing out and visiting their favourite jewellery shops, he said.
Although the gold prices are at record high levels, people are not hesitating to buy gold ornaments this season as they are aware that they would be getting Hallmark certification and quality product. They also know that gold always gives steady and assured returns in the long run, he pointed out.
In the city market, gold is being quoted at Rs 53,100 per 10 grams (Excluding 3 per cent GST) and silver at Rs 69,000 per kg (Excluding 3 per cent GST), he said. “Due to conflicts and uncertainty in the international market the gold prices are expected to go up to Rs 65,000 per 10 grams by end of this year,” Rokde said.
Kishore Sheth, Director of Batukbhai Sons Jewellers, Dharampeth said that there is strong demand for gold ornaments this wedding season. Although the rates are on the higher side the demand has increased by 35 per cent to 40 per cent as compared to the previous month.
“We have introduced heavy Jadau gold jewellery in latest modern designs for the customers. Also, there is gold and diamond studded idols in unique designs,” he said.
Apart from this, the demand for diamond rings for the engagements, receptions and parties is gaining importance these days. Surprisingly, the diamond rates have shot up by 40 per cent during the past six months and demand has grown by 50 per cent,” he said.
The impact of COVID-19 restrictions are still fresh in the minds of people. The marriages with fewer people has become the new trend these days. Inflation has taken its toll on spending in marriages. The savings are being shifted towards buying gold ornaments as it can be exchanged, returned, mortgaged and is good investment that provides liquidity during emergencies, he added.
Purshottam Kawale, President of Nagpur Sarafa Association expects that the demand for gold would intensify within the next four to five days. There are some people who are waiting on the sidelines expecting that the gold rates would fall. But looking at the international market and strong demand, he advises people to buy now as there are indications that the gold prices would rise further in the coming days.
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