Gold Jewellery: In India, the world s second-largest gold consumer and a major importer, domestic prices fell to around 70,500 rupees per 10 grams this week, after hitting a record high of 73,958 rupees last month.
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
Diamond Jewellery Market: Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
The World Gold Council s Q1 2024 Gold Demand Trends report reveals a 3% increase in global gold demand to 1,238 tonnes, driven by healthy investment from the OTC market and persistent central bank buying. Gold price hit a record quarterly average of US$2,070/oz. Central banks added 290 tonnes to official holdings, highlighting gold s importance in reserve portfolios.
World Gold Council (WGC) predicts subdued consumer demand for gold due to high prices, fewer weddings, and election-related restrictions. However, stability in prices before Akshaya Tritiya could boost demand. Gold s remarkable performance may encourage investment, despite challenges in the market. Domestic prices rise swiftly, impacting consumption but investment demand rises.