As gold prices soar, Indians are exchanging old jewellery for new
A steep hike in gold prices has prompted Indian consumers to exchange old jewellery for new ones, with the World Gold Council (WGC) stating that 40–45 per cent of purchases now involve some form of exchange.
'Gold's steep climb and ongoing volatility are keeping many consumers on the sidelines, with demand for jewellery continuing to be limited to need-based purchases, particularly for weddings. There has been a noticeable shift in consumer behaviour in response to soaring prices, with more buyers opting to trade in old jewellery for new: anecdotal reports suggest that 40–45 per cent of purchases now involve some form of exchange,' the WGC report said.
While festive buying has continued, it remains modest and localised, often tied to specific regions and communities. At the same time, the investment appeal of gold is gaining prominence. Anecdotal reports suggest that demand for bars and coins has been resilient, even at high price levels.
'The trend of festival and wedding-related purchases is likely to persist, supported by the safe-haven appeal of gold. But this may not offset the drop in discretionary purchases. Amid broader financial market turmoil and uncertainty, gold's role as a store of value is becoming more pronounced, reflecting a shift in consumer behaviour from consumption-driven purchases to wealth preservation,' said Kavita Chacko, research head India at WGC.
The WGC report said that earnings reports from leading jewellery retailers for the January-March quarter point to a strong performance, with average revenue growth up 25–35 per cent year-on-year. This was largely fuelled by wedding-related demand, festive buying, and a noticeable consumer shift toward gold, both as an adornment and a store of value.
While high gold prices tempered demand at the lower price points, the premium segments remained fairly resilient. Average transaction values reportedly rose by 15 per cent to 20 per cent year-on-year. Also, there was an uptick in old gold exchanges, which contributed to overall sales volumes. Corporate retailers continued their aggressive store expansion strategy, adding 10 to 30 new outlets during the quarter and reinforcing the growing presence of organised players in the jewellery sector.
These large retailers remain upbeat about the outlook for the April-June quarter. Early indicators of bookings for regional festivals such as Akshaya Tritiya – a key period for gold purchases – point to strong consumer sentiment. Further underlining this bullish outlook, leading retailers plan to open between 150 and 200 new showrooms over the next 12 months, setting the stage for continued gains in market share and deeper penetration across regions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
2 hours ago
- Boston Globe
Venice, prime wedding spot, braces for a Bezos marital extravaganza
Advertisement Glassblowers, mask makers, and bakeries are counting their euros for a multiday event that has City Hall swooning. Officials project the economic benefits in the low eight digits, including $3.5 million in charitable donations. But not all of Venice is swooning. The city's latest wedding bash — a smaller affair compared with some Venetian blowouts, with government officials and one vendor estimating between 200 and 250 guests — has become a lightning rod for overtourism protesters, eco-activists, and left-wing demonstrators who are hosting a network of events against what they see as a manifestation of the era of the One Percent. Their slogan — 'No Space for Bezos' — has popped up on street corners and even a banner across the legendary Rialto Bridge. On Monday, activists from Greenpeace and the Britain-based group Everyone Hates Elon unfurled a giant image of a laughing Bezos in St. Mark's Square under the words: 'If you can rent Venice for your wedding you can pay more tax.' Advertisement Demonstrators had threatened to block access to what was expected to be Saturday's main wedding celebration at the Misericordia — a cavernous venue in northern Venice inaugurated in 1583 — by physically throwing themselves in canals. Sensing potential trouble, a decision was made this week to change the location, said a person familiar with the event. 'The decision was taken so as not to harm or create distress for residents, visitors and tourists,' said the person, who spoke on the condition of anonymity to discuss confidential deliberations. Demonstrators are celebrating the relocation as a 'victory.' The new venue for Saturday's festivities remains officially secret, but protesters say they have tapped an underground network of cleaners, technicians, caterers, and others to pinpoint the new site in a secluded part of the Arsenale complex used to host Venice's annual Biennale art and architectural exhibitions, as well as high-security summits. The venue, city officials say, is more easily monitored and secured. Saying waters in the area are too treacherous to risk their original plan — jumping in canals with inflatable flamingos, ducks, and unicorns, to disrupt boats ferrying guests — protesters are now planning a less invasive Saturday march away from the venue. 'We have already won,' said Tommaso Cacciari, one of the protest organizers and the nephew of a former mayor. 'Bezos wanted to use Venice as a backdrop for his pictures. We used his event to show our fight to the world.' Advertisement City officials, police, and business owners, meanwhile, have pushed back against claims by protesters that Bezos sought to effectively 'buy Venice' for the event, noting that the city has hosted significantly larger and more extravagant affairs. They cite, for instance, the 'Wedding of the Century' that brought Bollywood to the Adriatic for three heady days in 2011. The silk-swathed celebration for an Indian heiress and her betrothed saw 800 guests sup on delicacies from Harry's Bar. There were stilt walkers, billionaires, and a blimp. Shakira crooned. Nobody protested. Then there was the wedding of George Clooney and Amal Alamuddin in 2014. 'Where were these protesters when George Clooney got married at City Hall, and really did disrupt the streets? This is a private wedding, out of the way. I can't understand this,' said Simone Venturini, the Venice city councilor responsible for the tourism sector. Venturini said he understood that Bezos and Sánchez were to be legally wed in the United States, and were simply hosting their celebrations in Venice. Bezos and Sánchez declined to comment. The wedding planners — the boutique agency Lanza & Baucina — also declined an interview request. In a statement, the company condemned the 'misinformation, falsehoods and misunderstandings' that have circulated in Venice about the wedding celebrations. They described the number of water taxis and gondolas booked as not 'excessive' and 'proportionate to the number of guests.' Senior officials estimate that the event has booked roughly 30 of the city's 250 water taxis. 'From the outset, both our client's brief and our guiding principles have been very clear: minimizing the impact of the event on the city, respect for its residents and institutions and the prominent use of local workers in the creation of events,' the Lanza & Baucina statement read. 'The rumors of a 'takeover' of the city are completely false and diametrically opposed to our aims and reality.' Advertisement Bezos, the founder of Amazon, also owns The Washington Post. In some ways, the Bezos-Sánchez event has become a pawn in a bigger game. Much of Venice has fretted about overtourism. But the mayor and business interests are especially at odds with a small group of die-hard activists angered by high housing prices and the devolution of a once formidable city-state into a Disney-esque playground for shorts-wearing, selfie-taking hordes. Yet protesters, who include social housing activists, university collectives, workers' rights advocates and anti-cruise-ship groups, say they have particularly targeted Bezos because they see him in a 'political context' — calling the billionaire a symbol of consumer-driven culture and anti-labor-union animus, and a member of a global elite that has corralled wealth. Fairly or not, some protesters also said they equate him with President Trump. 'We would have protested Bezos even if he came with three people in a wooden boat with oars,' Cacciari said. Others in Venice, however, see just the opposite — a billionaire spreading his wealth. Not far from St. Mark's Square, sugary scents waft from the glass counters of the Rosa Salva bakery. The family business founded in 1879 was originally contracted months ago to produce sweets as gifts for a major but anonymous wedding this week. Three weeks ago, as protest fervor built, the owner, Antonio Rosa Salva, was informed that the order — for roughly 200 gift boxes — was for guests of Bezos and Sánchez. Rosa Salva called the protests shortsighted. Weddings, he said, are responsible for 30 percent of his total annual sales. 'We've done weddings for 500 people, events for 1,800, and nobody ever said a word,' he said. 'The truth is, Venice has been hosting events like this for centuries. It should be a pleasure and honor for us to host this now. We need this.' Advertisement In fact, the Bezos-Sánchez nuptials are happening as the Venice hotel association cites a drop-off in revenue following a banner 2024, a loss it partially attributed to fewer big-spending American tourists. For the association, the protests smack of a self-inflicted wound. Some people in 'this city want the tourist money, but they want it by mail,' said Claudio Scarpa, director general of the Venice Hotel Association, adding that he believed only a small subsection of the city was up in arms over the Bezos event. 'We should be seeing this as the best possible opportunity to advertise our city.' In a city highly sensitive to cruise ship traffic, speculation had raged over whether Bezos would sail his three-masted, 417-foot yacht Koru into Venice. The person familiar with the event said the vessel was not expected to enter the city, and Italy's La Repubblica reported the couple had arrived in the area by helicopter. On Wednesday evening, the Koru was located in the waters off nearby Croatia, according to . People magazine on Monday published images of the suds-covered couple aboard the Koru, enjoying what the outlet described as a 'foam party' with guests. Darco Pellos, the prefect of Venice in charge of public order, said a variety of local and national Italian security forces were being called in this week to keep the peace, given the level of the 'personalities' attending the event. He said he had been informed of the venue change for Saturday. Advertisement Depending on how things go, the event could mark a test of a newly passed national security law that grants authorities the right to detain protesters for obstructing public places. But Pellos said: 'I believe there will be no problems, as on all occasions when dissent has been manifested in this city. Our interest lies in guaranteeing the safety of citizens — those who demonstrate, and those who want this private event.' Luca Zaia, the governor of Veneto — the region of which Venice is the capital — disclosed this week that Bezos and Sánchez had donated 1 million euros to CORILA, a group that supports scientific research and preservation efforts on the Venetian lagoon. A person familiar with the donations who spoke on the condition of anonymity to discuss financial details said additional donations of 1 million euros each were made to the Venice Office of the United Nations Educational, Scientific, and Cultural Organization (UNESCO), and to Venice International University. In an interview, Zaia called the $18 billion-a-year tourism industry the region's most important, and criticized the protests. 'We don't know how much Bezos's wedding will bring,' the governor said of the economic windfall. But, he said, Bezos 'has rented five hotels, about 30 taxis and, from what we understand, it will cost Bezos between 20 [million] and 30 million euros,' he said. 'We'll be awaiting Bezos with open arms.' For guests, the weather may be more uncomfortable than the protests, with high temperatures approaching 90. The locations of the week's other wedding-related festivities also remain closely guarded secrets — though word has seeped out of potential locations, both to protesters and the local press. The town is buzzing over mysterious activity near the Madonna dell'Orto Church in the Cannaregio district. Another rumored spot is San Giorgio Maggiore island, a graceful stretch of historical buildings with sweeping views of St. Mark's Square. Home to a small but ancient cloister of Benedictine monks, it has played host in the past to high-security international summits. Today, the island is owned by the Italian government and largely managed by the Giorgio Cini Foundation, founded by a former communications minister for Benito Mussolini who later turned against Il Duce. Foundation officials would not comment on rumors of a wedding-related event reportedly being planned in a closed-off park where black gazebos and a metal detector went up 10 days ago. A woman staffing an accreditation booth would only describe it as a 'private event.' 'I do not doubt that Mr. Bezos does great and good things,' Stefano Visintin, the Benedictine abbot on San Giorgio, told the Corriere del Veneto newspaper. 'But a personality of such caliber could have expected to also have enemies, and possibly cause a stir,' Visintin added. 'Couldn't he have gotten married in an isolated villa in Beverly Hills?'
Yahoo
3 hours ago
- Yahoo
Karthik Shyamsunder Named to Bank of Clarke/EFSI Board of Directors
BERRYVILLE, Va., June 25, 2025 /PRNewswire/ -- Bank of Clarke and its holding company Eagle Financial Services, Inc. (EFSI) are pleased to announce the addition of Winchester resident Karthik Shyamsunder to their Board of Directors. "Karthik brings vast technological experience with him, which will help steer the Bank in the direction it needs to go in as we grow and continue to modernize our platforms," said Brandon Lorey, Bank of Clarke President and CEO. "His expertise in Artificial Intelligence, which by all indicators is the future of technology, will be especially crucial." Born in Singapore, Mr. Shyamsunder lived in various parts of the world before settling in the U.S. and becoming a citizen. Fluent in four languages, he holds both a B.S. and M.S. in Computer Science. Currently, he is a Distinguished Engineer/Fellow/VP at a leading internet technology company and serves as an adjunct faculty at Johns Hopkins University. His specialties include the Internet, Web, Cloud Computing, Security, Big Data, and Artificial Intelligence. Mr. Shyamsunder was named the Sun Oracle JavaOne Technology Conference Rock Star Speaker award in 2008 and 2012, and the Faculty of the Year award at Johns Hopkins University in 2000 and 2020. He also holds over 15 patents. In addition to his professional achievements, Mr. Shyamsunder is actively involved in the Valley Interfaith Council and is the founder of Namaste Shenandoah, an Indian community organization based in Winchester. His wife, Dr. Archana Shyamsunder, runs a Nephrology practice in Winchester, and they have two children, a son studying Computer Science at Cornell University and a daughter studying medicine at the University of Pennsylvania. He moved to Winchester in 2005, discovering the best-kept secret of the Washington, D.C., area. "We are excited to have Karthik on the Board," said Cary Nelson, Chair of the Bank of Clarke/EFSI Board. "His background in technology and data security will help us navigate the challenges the coming years will certainly bring." About Bank of Clarke Founded on April 1, 1881, Bank of Clarke now operates 14 full-service branches, two loan production offices, a wealth management office, and one drive-through only facility. The main office is located at 2 East Main Street in Berryville, Virginia, with additional branches in greater Clarke County, Frederick County, Fauquier County, Loudoun County, Fairfax County, and the City of Winchester, VA, as well as a loan production office in Frederick, Maryland. Eagle Financial Services, Inc., the Bank's holding company, trades on Nasdaq under EFSI, as of February 2025. Bank of Clarke's mission is to be a trusted partner in the communities it serves, providing financial solutions to help people achieve their financial goals at every life stage. The bank aims to build lifelong relationships with customers, employees, shareholders, and communities, maintaining its status as a high-performing, independent community bank that offers best-in-class technology, products, and services. For more information, visit Member FDIC. View original content to download multimedia: SOURCE Bank of Clarke Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
Sugar Prices Boosted by Strength in Crude Oil Prices
July NY world sugar #11 (SBN25) Wednesday closed up +0.21 (+1.33%), and August London ICE white sugar #5 (SWQ25) closed up +11.00 (+2.35%). Sugar prices on Wednesday recovered from early losses and moved higher after a +1% rally in WTI crude oil (CLQ25) sparked some short-covering in sugar futures. Higher crude prices benefit ethanol prices and may prompt the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies. Have the Wheels Fallen Off the Corn Market? Cocoa Prices Supported by Tighter Supplies from the Ivory Coast Coffee Prices Continue to Fall on Reduced Frost Risk in Brazil Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Sugar prices have fallen over the past three months, with NY sugar posting a 4-year nearest-futures low Wednesday due to expectations of a global sugar surplus. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% year-over-year (y/y) to a record 189.318 million metric tons (MMT), with a global sugar surplus of 41.188 MMT, up 7.5% year-over-year. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. The outlook for abundant rainfall in India could lead to a bumper sugar crop, which is bearish for prices. On April 15, India's Ministry of Earth Sciences projected an above-normal monsoon this year, with total rainfall forecast to be 105% of the long-term average. India's monsoon season runs from June through September. Signs of larger global sugar output are negative for prices. On May 22, the USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT. Also, India's 2025/26 sugar production is projected to rise +25% y/y to 35.3 MMT, citing favorable monsoon rains and increased sugar acreage. In addition, Thailand's 2025/26 sugar production is expected to climb +2% y/y to 10.3 MMT. In a bearish factor, the Indian government said on January 20 that it would allow its sugar mills to export 1 MMT of sugar this season, easing the restrictions placed on sugar exports in 2023. India has restricted sugar exports since October 2023 to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30, after allowing exports of a record 11.1 MMT in the previous season. However, the ISMA projects that India's 2024/25 sugar production will fall -17.5% y/y to a 5-year low of 26.2 MMT. Also, the ISMA reported last Monday that India's sugar production from Oct 1-May 15 was 25.74 MMT, down -17% from the same period last year. In addition, Indian Food Secretary Chopra said on May 1 that India's 2024/25 sugar exports may only total 800,000 MT, below earlier expectations of 1 MMT. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. A positive factor for sugar prices is the expected increase in sugar imports from Pakistan, following the Pakistani government's announcement last Friday that it plans to import 250,000 metric tons of raw sugar due to a disappointing sugarcane harvest. Sugar prices have some support from reduced sugar production in Brazil. Unica reported last Monday that the cumulative 2025/26 Brazil Center-South sugar output through May is down by -11.6% y/y to 6.954 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
