Overall, this FY 2023-24 is likely to remain vibrant. Virtually, the Gem & Jewellery (GJ) trade body and every jeweller association worked hand in hand to motivate jewellery manufacturers and retail players! A whole jewellery pipeline to indulge and treat festive season buyers and wedding jewellery buyers in the festive season 2023.
In general, the first quarter is for every business that plans the year and sets the year’s road map, strategy and planning with the target for every quarter. In general, the second quarter undertakes more activities for jewellery manufacturing, while the third quarter, in general, is considered a festive season!
In this row, the focus of the Festive Season is November, the third quarter of the FY 2023-24. Every retail jeweller connected well with their clientele and addressed Festive Season buyers by showcasing and offering the best craft and curve. And the result is interesting indeed; let’s peep up Diwali!
Overall, the Diwali remained very vibrating! According to media reports, the Confederation of All India Traders (CAIT) estimated fact-n-figures. CAIT recorded a trade of Rs 3.75 lakh crore until Diwali. Diwali and New Year Day One and up to Tulsi Vivah of the newly started year Vikram Savant 2080 will likely generate additional business worth Rs 50K Crores.
And, soon from the Tulsi Vivah, wedding season will open up the door for about 35 Lakh weddings, and that to boost up nuptial trade & services worth Rs 4.5 lakh crore is estimated by CAIT. This was scene two of the result of Pampering’s buying on the festive season 2023.
Scene one of Pampering buyers during the festive season is the Dhanteras, the most significant day to buy gem & jewellery-like assets; that also remained very busy and fruitful for the gem and jewellery industry and trade. All India Gem & Jewellery Domestic Council (GJC), Saiyam Mehra, Chairman: Indians have brought about 25 tonnes of gold and overall estimated revenue that generated of Rs 25K Crores across all those categories of gem & jewellery trade, including the LGDs jewellery.
According to the GJC, two factors have pushed up Dhanteras jewellery sales over 25% YoY: 1: India Jewellery Shopping Festival (IJSF) acted as an excellent catalyst to boost sales, and 2: soft gold price that also boosted buyer confidence and pushed Dhanteras sales.
India Jewellery Shopping Festival (IJSF) is the fundamental initiative of Pampering buyers during the festive season. GJC announced the launch of India’s largest shopping festival, IJSF 2023, well in advance! In the early days of 3Q of FY 2023-24. GJC endeavoured to spread the initiative across the 300 cities. Successfully, they joined about 3K retailers to run the IJSF 2023.
Advertisements & publicity of IJSF created a massive awareness among buyers. Tempted buyers itched to join the festive season through IJSF from October 15 until November 22, 2023—virtually every buyer’s eye on IJSF prizes worth Rs 35 Crores.
Here, GJC also educated their 3000 showcases across the 300 cities that, this is the time, about four crores NRIs that they visit India. These NRIs have their taste and preferences, their liking for our cultural and ritual jewellery. In general, NRIs have their checklist, including jewellery buying, and therefore, it is essential to address this potential cluster!
By endeavouring on the IJSF 2023, GJC is sure that pampering buyers during the festive season will bring a business worth about Rs 120 000 Crore from about 300 cities and all those participants of IJSF 2023. It is estimated this pampering is likely to push up the growth of about 30% to 35% Year over Year (YoY).
In the row, GJC also successfully organised the known jewellery show, GJS-Diwali Edition. Under one roof, the GJC brought over 400 exhibitors from the 800 stalls. The GJS attracted about 10K visitors! By the show’s end, GJS generated a business of about 25 tonnes in gold jewellery and an overall business of Rs 18000 crores, including couture, loose stones, diamonds, and machinery.
Q4 will get the usual seasonal boost due to festivals and wedding purchases. However, any sharp price rise could delay the release of pent-up demand following a relatively weak H1. Trade feedback is that consumers have accepted the Rs 60,000/- per 10g price point so that a downward correction could trigger a significant jump too. With the first nine months’ demand at 481.2t, our estimate for full-year gold demand is 700-750t, marginally lower than last year’s demand of 774t. : WGC.
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