Kolkata: The green shot of recovery in the city jewelry market, which came with the state government that allowed marriage and other ceremonies held with 200 guests at a time, accepting a shot in the arm with a suspension of diamond sentences in terms of reducing customs.
As a result of dual bonanza, the jewelry industry now starts looking for the third wave of post covid.
According to Jewelry City, the situation began to look up when Covid numbers began to decline.
“It triggers trust between buyers.
His death is low and the casing starts to fall.
The buyer has begun slowly,” said Rupak Saha, Zonal Member of the Indian Gem and Trade Board Jewelry.
After a good rally during Dhanteras, gold sales are slow.
The purchase of gold is in the world that is high, but the yellow metal prices refuse to go down.
Uncertainty around the new variant of the Covid-19 virus has created gold demand among investors.
And suddenly jumping prices in November stopped orders for the next wedding season.
With a new wave of a number of families reschedule the ceremony.
“Dhanteras sales are more than we expected.
We look forward to the bullish market in the next wedding season.
Sales are affected during November when gold prices increase by Rs 1,000 (per 10 GM) overnight,” said Rupak Saha.
On November 11, the price of gold increased from Rs 4,760 per gram to Rs 4,860 the following day.
This suddenly stopped the increase in sales.
Then the suspension of the budget sentence came.
In diamond-studded jewelry, almost 50% of the costs are intended for stone.
While prices cannot be reduced to the jewelry that has been made, the task reduction will have an impact on the upcoming order.
“Reduction in import duty on diamonds is a very positive sign, which will help the manufacture of more attractive and affordable diamonds.
This will help the whole gem and jewelry brotherhood,” said Annargha Uttiyo Chowdhury, Director Anjali Jewelers.
“We look forward to its implementation later this year.
Reducing import duty on diamonds will help result in an increase in demand for diamond jewelry on the market,” said Suvankar Sen, CEO of Gold and Diamond Senco.
Kolkata: Gold, Diamond Glitter in 1 year wedding season
