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Amazon’s Prime Day sets a new milestone with an impressive $24.1 billion in sale

Amazon’s annual Prime Day has once again surpassed expectations, setting a new milestone with an impressive $24.1 billion in sales.

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Running from July 8 to 11, this year’s event stretched over four days—double the duration of 2024’s two-day sale—likely fueling the surge in revenue. According to data released by Adobe, online sales in the US during this period rose by an extraordinary 30% year on year and more than doubled the online revenue achieved during last year’s Black Friday, which stood at $10.8 billion.

The extended sale did more than just boost general shopping—it had a pronounced effect on seasonal demand, particularly for back-to-school items. This category witnessed an astounding 175% increase, as families seized the opportunity to stock up ahead of the upcoming academic year.

A notable trend during this Prime Day was the shift in consumer preferences toward higher-priced products. Shoppers, enticed by strong discounts, opted to “trade up” across multiple categories. The share of the most expensive appliances sold grew by 36%, furniture by 28%, and apparel—including jewelry and accessories—by 11%. Across all categories tracked by Adobe, the proportion of premium goods purchased increased by 20%, highlighting consumers’ willingness to invest in higher-ticket items when incentivized by substantial savings.

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International News

MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip

Globally, A Softer US Dollar and Sliding Energy Prices Provided A Strong Tailwind For Precious Metals

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Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.

Globally, a softer US dollar and sliding energy prices provided a strong tailwind for precious metals on Thursday. Spot gold advanced 0.4% to $4,450.16 per ounce, while August futures settled at $4,477. In contrast, crude benchmarks trended downward as geopolitical risks premium eased; Brent crude fell 0.85% to $96.87 a barrel, and WTI dropped 0.95% to $95.11. Other precious metals also closed in positive territory, with spot silver, platinum, and palladium gaining 0.8%, 0.2%, and 0.5% respectively.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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