India’s jewellery industry expects a strong wedding season after Dhanteras sales matched last year’s levels, with jewellery purchases outperforming coins, Avinash Gupta, Vice Chairman of the Gems and Jewellery Council (GJC), said.
Gupta said the industry has seen an improvement in demand after a challenging period and expects buying momentum to continue through the wedding season. He added that easing global and political uncertainties should support consumer sentiment in the coming months.
“The Dhanteras sales were almost the same as last year. That has brought a lot of cheer,” Gupta said.
Gupta said the industry expects bridal demand to remain strong as consumers return to the market.
“This wedding season should be very good, which has given initial indications from the Dhanteras sales,” he said.
Jewellery demand leads festival buying
According to Gupta, jewellery sales were stronger than coin purchases despite consumers opting for lower-ticket products.
“The jewellery sales were much better than the coin sales, and that has brought a lot of cheer,” he said.
Silver jewellery and silver articles also witnessed healthy demand as lower prices encouraged buyers, while consumers preferred lighter jewellery due to elevated gold prices.
Gold exchanges rise as prices remain high
Gupta said exchange transactions have increased significantly in gold jewellery.
“Exchange sales have gone up to around 60-65%, and that is a very good thing for the country as well because more exchange jewellery is happening, so lesser imports are there,” he said.
However, he expects fresh purchases to dominate the bridal jewellery segment in the coming months, reducing the share of exchange transactions.
18-carat jewellery gains acceptance
On changing consumer preferences, Gupta said 18-carat jewellery has gained wider acceptance across the market.
He added that while 9-carat jewellery may find acceptance in diamond jewellery, it is likely to take longer to become popular in plain gold jewellery.
“I think 18 and 22 carat will survive and sustain in a very strong manner,” Gupta said.
For the full interview, watch the accompanying video
Wedding season demand looks strong after Dhanteras sales meet last year’s levels: GJC
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