Diwali Season Propels Indian Jewellery Sales To Rs 30,000 Crore

ENA Sectors 2024-10-29 15:19:03 New Delhi, Oct 29 (KNN) In a remarkable display of consumer confidence, India's jewelry market is poised for a glittering Dhanteras and Diwali season, with sales expected to surpass Rs 30,000 crore despite soaring precious metal prices. Industry experts anticipate a 10-15 per cent year-on-year growth in value terms, though volumes may see some moderation. Silver has emerged as the season's dark horse, delivering exceptional returns exceeding 40 per cent, outperforming gold's impressive 23 per cent appreciation and thoroughly eclipsing traditional stock market returns. The shift toward silver reflects both its affordability and strong industrial demand fundamentals, notes the Eastern Regional Chairman of the Gems & Jewellery Export Promotion Council (GJEPC). A significant trend this year is the market's pivot from diamonds to gold, partially attributed to the rising popularity of lab-grown diamonds. Suvankar Sen, MD & CEO of Senco Gold Ltd, projects a 12-15 per cent decline in volume sales but remains optimistic about a 10-12 per cent increase in value terms. The introduction of 9Kt purity options and lightweight designs has opened new market segments, particularly among working women, Sen explains. Industry stakeholders are advocating for policy support, with Ashok Bengani, President of the Ankurhati Gems and Jewellery Manufacturers Welfare Association, calling for a reduction in import duties from 15 per cent to 6 per cent to enhance market sustainability amid global uncertainties. Consumer preferences are evolving, with Anjali Jewellers reporting a surge in individualised purchasing patterns. While traditional bridal jewelry remains strong, we're seeing increased demand for daily-wear pieces. Notably, men's jewelry, including bracelets and ear studs, is gaining significant traction, reveals Annargha Uuttiya Chowdhury of Anjali Jewellers. Looking ahead, Motilal Oswal Financial Services Ltd presents an bullish outlook, particularly for silver, projecting prices to reach Rs 1,25,000 on MCX within 12-15 months. Gold targets are set at Rs 81,000 and Rs 86,000 for medium and long-term horizons, respectively, supported by global uncertainties and monetary policy expectations. This festive season's robust performance underscores jewelry's enduring appeal as both an adornment and investment, reflecting evolving consumer preferences and market dynamics in India's precious metals sector. (KNN Bureau) 39743 https://knnindia.co.in/news/newsdetails/sectors/diwali-season-propels-indian-jewellery-sales-to-rs-30000-crore 2024-10-29 15:19:03 knnindia.co.in Diwali Season Propels Indian Jewellery Sales To Rs 30,000 Crore