Festive shopping sparks best gold demand in a decade
India’s gold consumption is projected to increase to its highest levels in a decade as shoppers purchased substantial amounts of gold jewellery for weddings and winter festivities in November.
Gold consumption was up in November as the festive season helped demand to rise to what is set to be its highest levels in 10 years, according to the World Gold Council, the Economic Times reported. Fewer Covid-19 regulations surrounding in-store shopping, shopping fairs, and business hours were in place compared to last year and the pan-India vaccine rollout appears to have boosted consumer confidence to venture out shopping which contributed to the rise in gold sales.
“Weddings have come back in a big way,” said India’s regional chief executive officer at the World Gold Council, PR Somasundaram, ET Bureau reported. “Almost every day there are weddings... As of now it appears we will have another strong quarter of imports and demand.”
Gold imports in 2021 have been strong and jewellery manufacturing volumes continue to be high, according to Somasundaram. Next year’s consumption outlook remains strong is Covid-19 is kept at bay at its current levels.
Jewellery brands will welcome the rise in sales as it presents a chance to work towards financial recovery from the challenges of the pandemic.
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