Synopsis
- India’s jewellery market is likely to witness a “mixed trend” in gold and silver buying on Akshaya Tritiya due to soaring gold and silver prices.
- The domestic jewellery market is expected to project a business of ₹16,000 crore on Akshaya Tritiya.
- Gold prices have reached ₹1 lakh per 10 grams, compared to ₹73,500 on the day of Akshaya Tritiya last year.
Factors Affecting the Jewellery Market on Akshaya Tritiya
| Factors | Impact on Jewellery Market |
|---|---|
| Sharp rise in gold prices | Predicted “mixed trend” in gold and silver buying |
| Geopolitical tensions and fluctuations in interest rates | Contribution to the price surge of gold and silver |
| Global economic uncertainty and rising crude oil prices | Further driving up the prices of gold and silver |
| Elevated prices affecting consumer demand | Slowing down customer buying sentiment |
Business Projections for Akshaya Tritiya
- Estimated business: ₹16,000 crore
- Gold: 12 tonnes worth nearly ₹12,000 crore
- Silver: 400 tonnes worth ₹4,000 crore
Market Trends and Buying Sentiment
- Jewellers’ attractive offers to draw in customers
- Preventing a complete drop in jewellery demand due to the ongoing wedding season
Advice to Customers
“Always insist on a proper bill and transact only with trusted jewellers to ensure pricing transparency.”
BIS hallmarked jewellery refers to jewellery certified by the Bureau of Indian Standards (BIS)
Buying BIS Hallmarked Jewellery
Impact of High Prices
| Impact | Description |
|---|---|
| Price surge of gold and silver | Predicted sharp rise in prices of precious metals. |
| Slowdown in customer buying sentiment | Due to high prices, customer buying sentiment is expected to slow down. |
| Possible impact on Indian economy | Could have a ripple effect on the Indian economy due to the impact on the consumer segment. |
Examples of Attractive Offers
India’s jewellery market
India’s jewellery market is a significant contributor to the country’s economy, with a projected business of ₹16,000 crore on Akshaya Tritiya. The market is expected to witness a “mixed trend” in gold and silver buying due to soaring prices of precious metals. Jewellers are offering attractive offers to draw in customers, but buyers should be cautious and always insist on a proper bill and transact with trusted jewellers to ensure pricing transparency. The ongoing wedding season in India has prevented a complete drop in jewellery demand, and the market is expected to see a significant business. However, the high prices of gold and silver are expected to slow down the customer buying sentiment. The jewellery market is expected to see a sharp rise in prices of precious metals, which could have a ripple effect on the Indian economy due to the impact on the consumer segment. With the current market trends and attractive offers, customers can expect a “mixed trend” in gold and silver buying on Akshaya Tritiya. To ensure pricing transparency and get certified and verified products, buyers should purchase BIS hallmarked jewellery. The Bureau of Indian Standards (BIS) certification ensures that the jewellery meets the required standards of quality and purity. With the impact of high prices and the ongoing wedding season, the jewellery market is expected to see a significant business. However, customers should be cautious and always insist on a proper bill and transact with trusted jewellers to ensure pricing transparency. In conclusion, the jewellery market is expected to witness a “mixed trend” in gold and silver buying on Akshaya Tritiya due to soaring prices of precious metals. Jewellers are offering attractive offers to draw in customers, but buyers should be cautious and always insist on a proper bill and transact with trusted jewellers to ensure pricing transparency. With the Bureau of Indian Standards (BIS) certification, customers can ensure pricing transparency and get certified and verified products.
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