Jewellery market gets boost as gold prices fall |
India`s jewellery market surged by about 10-20% in January 2021 from the previous month as gold prices fell and prompted consumers to place orders now for weddings in the coming two quarters. April, May and June 2021 are likely to witness the most number of weddings that didn`t take place in 2020 due to the pandemic. Jewellers said demand is up by 10-20% compared with December, when prices were ruling over $683.27 per 10 gm. Price of 24 carat gold is now hovering around $668.24 per 10 gm and that of 22 carat gold, which is used for making jewellery, is hovering around $654.58 per 10 gm. With COVID-19 vaccine now being given across the country life seems to be taking a turn for the normal. Shoppers have started visiting stores and are placing orders for the wedding season. A drop in prices is also helping an increase in consumption. Gold had crossed $779 per 10 gm mark in August 2020 due to the viral outbreak, uncertainty over the US presidential election, and souring of ties between the US and China over tariffs. Gold prices have fallen by $109 per 10 gm or 16.5%.
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