After struggling for the past three years, jewelers are finally laughing all the way to the bank as the demand at this festival is set to reach a new level with some jewelers refusing to accept new orders.

On the other hand, buyers are now ready to splurge on their favorite jewelry Dhanteras In light of the stability of gold prices and bullish economic tendencies.

Moreover, the rise in the frequency of vaccination and the significant decrease in new Covid cases have eased pandemic protocols. To meet the growing demand, the industry imported 740 tons of gold in the last nine months of this year.

High turnout and revenue

Ramesh Kalyanaraman, CEO of Kalyan Jewellers, said that for the first time since March last year, all showrooms will be operating at full capacity this festival season and are already seeing an increase in footfall and revenue.

The quarter ending in December is one of the most important periods for the jewelry industry as the wedding season closely follows the festival season.

stable prices

Gold prices are down 7 percent as of the end of September to 42,635 euros per 10 grams versus 45,640 euros in the same period last year. However, in line with the global trend and increasing demand, prices started consolidating to touch $47,975 per 10 grams on Friday against $46,435 on October 1.

Navneet Damani, Vice President of Commodity Research, Motilal Oswal Financial Services, said that with hyperinflation and the possibility of rate hikes, gold prices are expected to rise towards INR 52,000-53,000 over the next 12 months.

Somasundaram PR, Regional CEO (India), World Gold Council, said sentiment at the recent buyer-seller meeting was so booming that few of them refused even to accept new orders as their manufacturing capacity was completely booked out.

Even with the stock market hitting a new high, he said, consumers are wary of valuation and looking at gold as an alternative option.

Aditya Pethe, Director of WHP Jewelers, said demand has since rebounded Navaratri, But it slowed down during Petro Baksha (September 20-October 6) only to bounce back ever since.

Looking at the current trend, the industry expects sales to increase by 15-20 percent in this festival season compared to the past two years, said Ishu Datwani, director of Anmol Jewelers.

Read also: Gold demand in Q3 rose 47% as buying rebounded and Covid restrictions eased

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