Ahmedabad: Pent-up request, marriage suspended for 2021 and Muhurats Meriah drove gold in a hurry last year and how! According to the latest report by the World Gold Council (WGC), jewelry sales soared the last pre-pandemic level in 2021 and touched 610.9 metric tons (MT).
Estimates by India Bullion and Jewelers’ Association (IBJA) show that the Gujarat account for at least 15% of jewelry sales in India and accordingly, an estimated 92 MT of gold jewelry sales are reported in the state of the year throughout the year.
PAN India, demand for gold jewelry rose at least 12% in 2021 compared to 544.6mt in 2019.
In fact, jewelry sales touched six years.
With more marriages have not been muted by celebrations, higher savings and hidden requests encourage the jewelry market.
The price of gold remained at Rs 49,600 per 10 grams in Ahmedabad Market on Friday.
Jigar Soni, President, IBJA – Gujarat, said, “a dramatic surge in demand for gold jewelry clearly the hidden request sign of a few marriages scheduled since 2020 did not occur due to a pandemic and suspended for 2021, which drives a large volume of sales.
That separate, Pushya Nakshatra And Dhanteras Muhurats also proved to be good for jewelry sales with 750 kg gold estimates traded throughout the country in two days.
” For an estimated 92 MT gold jewelry for sale, only 42 MT gold was imported into Gujarat for 2021, according to the data equipped with Ahmedabad Air Cargo Complex (AACC).
This means a large piece of gold jewelry is purchased through exchange transactions.
“At least 60% of jewelry purchases are made in old gold exchanges or previously purchased.
People’s purchasing power has weakened after so many pandemics from them exchanged old gold instead of spending money.
At the same time, many have a tendency to stock up in the form of coins and The bar when low prices and only ahead of such a profitable opportunity, they exchanged bullion for gold, “Soni further added.
The demand for gold jewelry twice the year in 2021, surged the past pre-pandemic level to reach a height of six years.
“Record requests in the fourth quarter of 2021, from October to December, driven by marriage and the festival season support the resilience of the following gold demand that is socio-economic rooted in the field of household finances,” said Somasundaram PR, regional CEO, India, WGC.
“By reducing the lip restriction in the second half of 2021 and the progress of the success of the vaccination program, economic growth was modified significantly consumer sentiment, triggering expenses and investments throughout the board during Dussehra and Dhanteras.
This marked extraordinary recovery with many retailer reporting sales volume sales at Top even those pre-pandemic levels, and import and export increases in tandem, “he further added.