As the calendar inches closer to the much-awaited festive season, a familiar trend is poised to resurface; Indians will flock to jewellery stores, driving an anticipated rise in demand for gold between September to November.

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Gold prices have seen rebound from 5-month lows, some of the factors for this are strength in US dollars, the high US treasury yields, the weak global exchange trade fund and the rise in India gold ETF demand have been some of the factors that the street is working with right now.

Chirag Sheth, an expert from Metals Focus, noted that the first half of the year had witnessed a subdued demand for gold, with quarterly drops ranging from 10 to 20 percent. However, he believes that the upcoming festive and wedding season holds the promise of rejuvenating the gold market.

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Navrattan Kothari, Chairman of the KGK Group, highlighted a fascinating trend within the Indian market - the growing affinity for coloured gemstones. Traditional jewellery designs are now blending seamlessly with modern tastes, incorporating these vibrant and diverse gemstones. This evolving trend adds a new dimension to the jewellery market, catering to a wider array of consumer preferences.

In light of these trends, Kothari expressed his expectations for a remarkable 20 percent growth in gemstone demand this year.

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First Published:Aug 22, 2023 6:00 PM IST