GJ Town India

A much heavier footfall for brides at the festive!   Update 1: Somasundaram PR, Regional CEO, India at World Gold Council (WGC) said, “Gold buying is an inseparable, nearly mandatory, part of Akshaya Tritiya celebrations for millions of Indians. After two years of covid induced lull, the festive sentiment among trade and consumers appears to be stronger this year, surpassing expectations. Sustained aggressive marketing and trade promotions have played a role in increasing in-store visits and leveraging the occasion.   Digital gold buying platforms also sound upbeat, with small buyers enthusiastically picking up the convenience of purchasing gold for as little as one rupee on their smartphone, without having to worry about purity and transparency. Even with gold prices at a high, initial market feedback point to a buoyant Akshaya Tritiya, due, in no small measure, to a heightened interest in gold among consumers following risks posed by inflation and global uncertainties.”...

A transparent trading market required! Jewellery fraternity on Budget 2019-20 Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman announced her Union Budget 2019-20 proposals and in the context gem & jewellery fraternity reacted over the Budget proposals. Let’s learn choicest views at the juncture! Somasundaram PR, Managing Director, India, World Gold Council: “Import duty hike on gold from 10% to 12.5% will negatively impact India’s gold industry. This will impede efforts to make gold as an asset class particularly when gold prices are already rising globally. In addition, the grey market will thrive which will dilute efforts to reduce cash transactions. Millions of Indians invest in gold as part of their household savings, not simply as discretionary spending for consumption. People buy gold as a long-term investment to protect their wealth and gold also has huge significance socially, emotionally and economically in India. An incre...

Many jewellers & segments fetch over 15% sales YoY This Dhanteras remain a classic case of demand & supply. Initially no jewellers had expected any growth at the festive. Later all of the sudden market sentiments get changed and many leading had expected the Dhanteras to grow over 20% by adding wedding season advantage! Yet over all the Dhanteras grew over 7% only pan India YoY.   Mr Nitin Khandelwal, Chairman, All India Gem and Jewellery Domestic Council (GJC): “This Dhanteras has been better than our expectation. The sales have seen a positive figure as compared to last year and we have experience over 7-10 percent higher jewellery sales compared to last year Dhanteras. This festive season followed by a long wedding season is going to contribute substantially in sales. The consumers are witnessing new promotions and attractive schemes across India by Jewellers, thus giving a win-win situation for both.” Mr Saurabh Gadgil, Chairman and Managing Direct...