Big respite for Indian consumers just ahead of wedding season
Kolkata consumers have major reasons for cheer just ahead of the oncoming wedding season as prices of gold, a staple in Indian marriages, have fallen quite a bit — by almost Rs 9,000 per 10 grams. Till about three weeks ago, the precious metal was ruling at around Rs 1,00,000 not just in Kolkata but in other cities too.
Over the past 24 days, the steep price reset has brought gold down to Rs 91,750/10 grams levels (May 15 price data).
This significant drop, one of the most considerable in recent history, has offered major respite to consumers just as the wedding season approaches, The Times of India reported.
On April 21, the price of 10 grams of 24 carat gold surpassed the Rs 1 lakh threshold for the first time. The price continued to rise in the following days leading up to Akshay Tritiya, a propitious occasion traditionally associated with purchasing gold and precious metals. By April 30, the price of 24 carat gold had reached Rs 93,310 per 10 grams, before dropping to Rs 93,040 on May 12.
Bablu De, president of Swarnashilpo Bachao Forum, noted that the local buyers had been anticipating this price correction. With the wedding season on the horizon, the decline in prices has started to generate excitement among potential purchasers. However, some buyers may opt to wait a bit longer before making their purchases, he told ToI.Anargha Uttiya Chowdhury from Anjali Jewellers said that this price adjustment has been a welcome relief amidst global market fluctuations and ongoing cross-border tensions. He indicated that the reduction in gold prices is advantageous for those intending to acquire wedding jewelry, as it allows them to purchase a greater quantity for their celebrations.
Read More Pockets, Pleats, Cuffs, And Couture: The Best Pants For Men
According to Shubadip Roy of Bengal Jewellery, the drop in prices over the past 20 days is unprecedented. He emphasised that buyers who were considering transforming older gold into new designs in anticipation of the wedding season can now afford to buy more gold due to this notable price correction.
Suvankar Sen from Senco Gold Ltd pointed out that the consistent decline in prices has led buyers to worry that rates might rise again soon. He told ToI's Rohit Khanna, 'We are observing wedding buyers entering stores with concerns that prices may increase once more.'
Jewellers in the city also shared the view that the current prices may not last indefinitely. Pratik Dugar, director of Indian Gem and Jewellery Creation, commented, 'This is merely a temporary correction. If we examine the global trends, we see that countries are augmenting their gold reserves, meaning there is little chance for prices to significantly decrease in the future.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
42 minutes ago
- Yahoo
UK trade minister to meet USTR Greer to discuss implementing tariff deal
LONDON (Reuters) -Britain's trade minister Jonathan Reynolds will meet U.S. Trade Representative Jamieson Greer on Tuesday to discuss the implementation of a trade deal that has been complicated by the announcement of fresh U.S. tariffs on steel. Reynolds will review recently agreed deals with counterparts from the U.S. and EU, Britain's two biggest trading partners, during a three-day trip to Paris and Brussels this week. The deals struck last month are both political pacts rather than formal trade agreements, and the details of their implementation have not been set out. Starmer and U.S. President Donald Trump agreed to reduce tariffs on British imports of cars and steel to the United States, but its delayed implementation means tariffs may go up before they come down. Last week, Trump said that tariffs on imported steel would rise to 50% from 25% from Wednesday. Industry body UK Steel said it understood that British producers would likely be impacted by the change, which would be a "body blow" to the sector. A British government spokesperson said the UK was engaging with the United States on the implications of the announcement ahead of Reynolds' meeting with Greer to discuss implementation timelines of the bilateral agreement in Paris. "We recognise our relationship with G7 allies and EU counterparts must continue to evolve and deliver a better trading environment for our businesses and exporters," Reynolds said in a statement ahead of the trip. Reynolds will also meet Indian Minister of Commerce Piyush Goyal to discuss a recently negotiated Free Trade Agreement, which is still having its legal text finalised and is subject to ratification in both countries, which could take months. After meetings with G7 and OECD counterparts in Paris, Reynolds will hold talks with EU trade commissioner Maros Sefcovic. As part of efforts to reset ties without fundamentally reopening the Brexit deal, Britain and the EU have agreed to conclude talks to remove red tape on its food trade, but details of the plan have yet to be finalised. In advance of that agreement coming into force, Britain on Monday said it would scrap border checks on fruit and vegetables imported from the European Union, that had been due to be effective beginning in July.
Yahoo
2 hours ago
- Yahoo
UK trade minister to meet USTR Greer to discuss implementing tariff deal
LONDON (Reuters) -Britain's trade minister Jonathan Reynolds will meet U.S. Trade Representative Jamieson Greer on Tuesday to discuss the implementation of a trade deal that has been complicated by the announcement of fresh U.S. tariffs on steel. Reynolds will review recently agreed deals with counterparts from the U.S. and EU, Britain's two biggest trading partners, during a three-day trip to Paris and Brussels this week. The deals struck last month are both political pacts rather than formal trade agreements, and the details of their implementation have not been set out. Starmer and U.S. President Donald Trump agreed to reduce tariffs on British imports of cars and steel to the United States, but its delayed implementation means tariffs may go up before they come down. Last week, Trump said that tariffs on imported steel would rise to 50% from 25% from Wednesday. Industry body UK Steel said it understood that British producers would likely be impacted by the change, which would be a "body blow" to the sector. A British government spokesperson said the UK was engaging with the United States on the implications of the announcement ahead of Reynolds' meeting with Greer to discuss implementation timelines of the bilateral agreement in Paris. "We recognise our relationship with G7 allies and EU counterparts must continue to evolve and deliver a better trading environment for our businesses and exporters," Reynolds said in a statement ahead of the trip. Reynolds will also meet Indian Minister of Commerce Piyush Goyal to discuss a recently negotiated Free Trade Agreement, which is still having its legal text finalised and is subject to ratification in both countries, which could take months. After meetings with G7 and OECD counterparts in Paris, Reynolds will hold talks with EU trade commissioner Maros Sefcovic. As part of efforts to reset ties without fundamentally reopening the Brexit deal, Britain and the EU have agreed to conclude talks to remove red tape on its food trade, but details of the plan have yet to be finalised. In advance of that agreement coming into force, Britain on Monday said it would scrap border checks on fruit and vegetables imported from the European Union, that had been due to be effective beginning in July.
Yahoo
3 hours ago
- Yahoo
Opinion: India is ready — are we? Why Utah should be doubling down on India
India isn't just rising — it's ready. After two weeks on the ground meeting with innovation hubs, manufacturing leaders and government partners from Mumbai to Hyderabad, it's clear that India isn't just a market to watch — it's the market to be in. Across sectors including medtech, aerospace, e-mobility and agriculture, India is demonstrating rapid growth, a collaborative spirit and serious ambition. With a government laser-focused on becoming a $5 trillion economy by 2029, a swelling consumer base and strong educational and research infrastructure, this is not just a timely moment but also a promising one for Utah companies to engage meaningfully with India. What stood out most is how embedded innovation is at every level of India's economy. At Hyderabad's T-Hub, the country's largest innovation campus, I met startups working on everything from 360-degree flight simulators for the eVTOL market to cutting-edge healthcare diagnostics. At the Atal Innovation Center - Centre for Cellular and Molecular Biology (AIC-CCMB), a biotech incubator based in Hyderabad's Pharma Hub, I saw how India is cultivating life sciences companies like Startoon Labs, which developed an FDA-cleared wearable patch for muscle diagnostics — a device physical therapists in the United States could start using tomorrow. India isn't developing abstract research and development concepts. These are real, export-ready technologies with teams behind them who are eager to collaborate. In fact, AIC-CCMB signed a memorandum of understanding with T-Hub to launch a life sciences program by June. More importantly, they expressed interest in forming a corridor between T-Hub and the Utah Innovation Fund to accelerate cross-border growth. We also met with the Indian Institute of Technology (IIT) Bombay and its innovation arms to explore collaboration opportunities with Utah universities, which is another step toward building long-term academic and commercial ties. It's time to shelve outdated assumptions about Indian manufacturing. From touring facilities of electrical component makers for India's fast-growing electric rail market to visiting high-quality e-bike producers like EMotorad in the city of Pune, I saw production lines that rival those in Utah. E-Motorad, for instance, is in talks to become a white-label supplier for some of America's largest big-box retailers. This presents a prime opportunity for U.S. manufacturers looking to diversify their supply chains outside of China. In conversations with India's national investment agency, Invest India, I learned they provide hands-on support — at no cost — for international companies looking to manufacture locally. That level of partnership, especially when backed by a pro-business government, is a game-changer for companies eyeing India as a production base to serve South Asia, the Gulf and even Africa. What makes these opportunities particularly real is the level of government engagement. Maharashtra, India's most industrialized state, accounts for nearly 40% of the country's GDP. World Trade Center Utah is working to open discussions with its chief minister for a business trip this November. That level of access could unlock opportunities in finance, aerospace, clean energy and more. I also had valuable discussions with the U.S. Commercial Service, which underscored the scale of India's medtech, aerospace and defense ecosystems. Major players like Lockheed Martin, Boeing and Safran are already there. As India ramps up its domestic capabilities through Make in India, it's encouraging strategic partnerships, not just contracts. This trip reinforced what many are starting to recognize: India isn't 'next.' It's now. If we want to help Utah companies stay globally competitive, we need to double down on our relationship with India — through innovation corridors, joint ventures, university and cultural partnerships, and bilateral business delegations. India is open for business and eager for partners who are in it for the long haul. World Trade Center Utah is returning in November. Join us.
