Mr. Colin Shah, MD, Kama Jewelry
“Gold prices have rallied for two consecutive years (2021 and 2022). Additionally, the Indian government hiked the import duty on gold in July 2022. This further led to a rise in gold prices. Gold demand in the domestic market saw a sharp decline in the first quarter of CY23 as record high prices of gold in the Indian market made consumers apprehensive about investing in gold and purchasing jewelry during the quarter.
The 18k jewelry category continued to gain popularity due to the higher prices of 24k gold. On a standalone basis, the gold demand was robust but comparatively lower than last year’s record demand. The government’s policy to hallmark gold jewelry with a 6-digit alpha-numeric code will boost the recycling of old jewelry. The demand for gold is likely to remain stable in the coming quarter. A normal monsoon year will boost rural demand across India. The festive and the marriage season in H2CY23 will witness positive consumer sentiment. On the institutional front, central banks including the RBI and ETFs will likely pile on gold as signs of a recession in the US get more evident.”
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