Ahmedabad: Demand for jewellery and gift items has picked up ahead of Rakshabandhan , despite gold prices being nearly 55% higher than a year ago and silver more than doubling.
“Demand is particularly strong for gold and silver rakhis, coins and gift articles priced up to Rs 5,000. The shift towards 9-carat and 14-carat jewellery is also allowing consumers to buy lighter pieces despite high gold prices.
Jewellers said the recent correction in precious-metal prices had improved buying sentiment. Consumers are increasingly looking at jewellery as a Rakshabandhan gift,” said Jigar Soni, president, Jewellers’ Association of Ahmedabad. Param Begani, director of a lab-grown diamond jewellery company, said, “We have witnessed increasing demand for lab-grown diamond jewellery, especially among young consumers. Devesh Sarkar, a jeweller, said, “Silver rakhi demand has remained strong while demand for gold jewellery weighing 1.5g to 2g is also reasonably good for Rakshabandhan.”
Consumers are increasingly opting for silver rakhis, coins and lower-carat, lightweight jewellery. High gold prices are changing consumer preferences. Weddings, meanwhile, continue to support demand for higher-value jewellery.