Jewellery makers expect steady gold demand despite rising prices
Surat:
Jewellery manufacturers
in Diamond City say demand for gold jewellery will be sustained despite
rising gold prices
, which crossed Rs 1 lakh for 10g on Tuesday. Manufacturers with gold stocks are calculating their profits and building buyer trust in gold. On the other hand, a potential drop in demand is also a concern.
Currently, demand for jewellery is low as there has been no buying for the festive season or for weddings. While jewellery manufacturers say there may be a wait for a few days before buying restarts.
"The rising prices show that buyers' faith in gold is growing. For manufacturers, it shows stronger markets and a good time to claim profits if they have stock," said Rajni Chanchad, director of Ayaani Diamonds.
Colin Shah, MD, Kama Jewellery, is optimistic about a rise in demand. "It has been observed that gold prices witness a slight rise around festive seasons like Akshaya Tritiya, in anticipation of the spike in demand. Sentimental and cultural value attached to investing in gold on auspicious occasions will keep demand upbeat, irrespective of the price trend."
Experts in the industry say demand continued to grow over the past few months despite price increases. Industry insiders predict that demand will continue to grow for the next few months.
"People trust gold, which plays two roles, as jewellery and as investment. In case of a sudden price increase, people may stop buying for a few days, but it will start again as the wedding season or festivals come closer," said Jayanti Savaliya, regional chairman, Gem and Jewellery Export Promotion Council (GJEPC).
"The prices are a concern for families with limited spending capacity as their expenditure may increase suddenly," Savaliya added.
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