India’s top jewellers pin hopes on a Diwali boost

India’s top jewellers pin hopes on a Diwali boost

Leading jewellers like Tanishq, Malabar Gold & Diamonds and others are pinning hopes on Diwali for a surge in plain gold and diamond jewellery as they feel that there is a huge pent-up demand in the market.

Ajoy Chawla, CEO, Jewellery Division, Titan Company said “We are continuing to see a positive momentum in consumer mood this festive season. Consumers are looking to celebrate small milestones as they want to make most of it in the present. Pent-up demand, the overall festive mood and wedding purchases are all converging to create a surge in both gold and diamond categories. We think this could continue right through to Diwali and hopefully beyond into the wedding season”

Ahammed MP, chairman, Malabar Gold & Diamonds added Diwali being an auspicious and popular gold buying occasion, it attracts consumers with varied sensibilities. “Among the prevailing trends, traditional and contemporary designs in the light weight category are the most prominent ones. More and more men are reinventing their style statement by flaunting exquisitely designed gold jewellery. Among the fast-moving ones, rings and bracelets are the most popular jewellery among men. People must invest in gold because it’s a liquid asset and inflation hedge. It also offers higher return. Consumers can buy plain gold jewellery, as it comes with higher investment value,” he said.

“As the economic recovery is gaining pace, we expect a positive consumer sentiment during Diwali. We expect a 30-40% increase in sales compared to that of last year during Diwali,” the Malabar Gold & Diamonds chairman said.

Ahammed cautioned that customers should gather all the relevant and necessary information on a particular offer to make an informed purchase decision. During Diwali, the biggest gold buying season, markets are usually flooded with alluring offers on gold jewellery. So, the customers should tread carefully. “Go for transparent and detailed invoice and price tag with accurate and detailed price breakup including gold weight, stone weight, net weight, stone charge and making charge. That’s the way customers can identify hidden costs.Customers must get clarity on how the value of the gold will be calculated during buyback to avoid any confusion. Selling hallmarked jewellery is mandatory. Customers should check the hallmarking symbols embossed on gold before buying,” he added.

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