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Gold jewellery continues to see decline in exports due to 'sluggish' markets such as the Gulf. But experts say overall gems & jewellery exports could touch $41 billion in 2021-22.
Jewelegance's website features a diverse selection of collections for various occasions, from festive and wedding jewellery to a daily-wear range.
The World Gold Council says the real gold savers will probably stay out of the market and only the wealthier lot will spend more this year.
Jewellers in India had so far shied away from selling products online. But the pandemic forced them to reassess traditional ways of doing business.
Marriage and festive demand, and high inflation are pushing gold imports. Decline in interest rates on savings instruments, and equity market issues could boost this further.
The likelihood of financial distress caused by the 2nd wave is much higher & it could lead to more outright sales of gold, unlike in 2020, when people chose to take out loans against gold.
Newspapers are filled with ads of gold jewellery auction amid indications of economic distress faced by Indian households. But resurgence in gold prices could stem the auctions.
The growth in India is coming from the 18-35 year old cohort. Latest World Gold Council data indicates Indian adults under age 34 have less appetite for gold than older consumers.
Gold hallmarking is a purity certification of the precious metal and is currently voluntary. It will be implemented mandatorily now, in three phases.
RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.