GJ Town India

  The IAGES framework covers the entire gold value chain    In India’s highly dynamic gold sector, consumers are increasingly seeking retailers who follow a strict Code of Conduct that offers transparency, trust, and sustainability across the entire gold value chain.  To establish a stringent framework across the industry, the Indian Association for Gold Excellence and Standards (IAGES), a Self-Regulatory Organisation (SRO) established by and for the Indian gold industry, has officially accredited one of Maharashtra’s oldest and legacy jewellery brand Waman Hari Pethe Jewellers (WHP) with its authorised certification.    “Our mission with the IAGES accreditation is to align our local businesses with global standards while addressing the unique needs of the Indian market with a framework that benefits the consumer, retailer and the gold industry at large.    We are delighted to welcome Waman Hari Pethe Jewellers to the IAGES network...

Gold price support over Rs 61K per 10 grammes   Right now our auspicious festive Gudi Padva, is just at latch and gold price trend is on rock! At the occasion Somasundaram PR, Regional CEO, India at World Gold Council (WGC) said, “This year Gudi Padwa is being celebrated even as gold prices are headed for historic highs in the domestic market.    As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023. Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season.”  In general WGC is not focussing much on gold price trend and gold price outlook. In the perspective Colin Shah, MD, Kama Jewelry expressed as an expert on gold prices hitting Rs 60,000/10gm level.  He said, “Gold prices have risen almost 7-8% in the past month.    ...

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.”...

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...