National News
Gudi Padwa jewellery sales flat; demand for gold coins surges
Gold prices have surged to nearly Rs 90,000 per 10 grams (excluding GST) in the physical market, leading to a noticeable decline in jewellery sales in Maharashtra/Goa during Gudi Padwa, a festival traditionally associated with gold purchases. Despite this, demand for gold coins as an investment remains strong, as consumers anticipate further price appreciation. Mumbai’s largest gold hub has observed a shift in consumer behavior toward gold coins and bars. Traders said that buyers are purchasing gold coins with the expectation of future price increases.
As of Gudi Padwa, gold prices have reached nearly Rs 90,000 per 10 grams, making gold jewellery significantly more expensive. Higher prices have deterred traditional jewellery buyers, shifting demand towards investment-oriented purchases, such as gold coins. Industry experts anticipate that gold prices may continue to rise, reinforcing gold’s status as a long-term store of value.
Equal demand was observed between gold jewellery and investment-grade coins. Retailers introduced discounts and exchange offers, but high prices still impacted sales volume.Tier-2 cities experienced similar trends, with more gold coin buyers than jewellery shoppers. Lightweight jewellery, silver accessories, and gold-plated ornaments saw higher traction compared to heavy gold jewellery.
Global trade tensions and potential U.S. Fed rate cuts are boosting gold’s attractiveness as an investment. Investors are shifting towards gold due to its historical role as a hedge against inflation and economic instability The Indian Rupee’s performance against the U.S. Dollar is also a contributing factor to local gold price fluctuations.
National News
GJEPC Hosts U.S. Senators and State Lawmakers For Strategic Industry Dialogue In Mumbai
The Dialogue Underscored The Importance Of Engagement Between Policymakers and Industry Stakeholders In Fostering Mutually Beneficial Trade Relations.
Reinforcing the growing economic partnership between India and the United States, the Gem & Jewellery Export Promotion Council (GJEPC) welcomed a distinguished delegation of U.S. senators, state legislators, and representatives from the National Conference of State Legislatures (NCSL) at its Mumbai headquarters for an in-depth dialogue on the Indian gem and jewellery industry.
The visit provided a platform for exchanging perspectives on global trade, industry developments, and opportunities for strengthening bilateral cooperation between the two nations in the gems and jewellery sector.
The U.S. delegation comprised Wayne Harper, President Emeritus and President Pro Tempore, National Conference of State Legislatures (NCSL); Dan Saddler, Member, Alaska House of Representatives; Chase Blasi, Member, Kansas Senate; Chris Lee, Member, Hawaii Senate; Kirstin Kahaloa, Member, Hawaii House of Representatives; Ron Winterton, Member, Utah Senate, representing Daggett, Duchesne, Summit, Uintah and Wasatch counties; and Bryan Thomas, Chief Communications Officer, NCSL.
Welcoming the delegation were Kirit Bhansali, Chairman, GJEPC; Shaunak Parikh, Vice Chairman, GJEPC; Mehul Shah, Vice President, Bharat Diamond Bourse; Ashish Borda, Convenor – PMBD, GJEPC; Mital Doshi, Convenor – Banking, Insurance & Taxation Committee (BITC), GJEPC; Bharat Ghori, Member – Diamond Panel, GJEPC; and Sabyasachi Ray, Executive Director, GJEPC.
During the interaction, GJEPC representatives presented a comprehensive overview of India’s gem and jewellery industry, highlighting its contribution to exports, employment generation, skill development, and global supply chains. Discussions also focused on the evolving landscape of natural and lab-grown diamonds, international compliance standards, the Kimberley Process, and industry-led welfare initiatives.
The dialogue underscored the importance of continued engagement between policymakers and industry stakeholders in fostering transparent, sustainable, and mutually beneficial trade relations.
The meeting concluded with both sides expressing appreciation for the opportunity to exchange insights and explore avenues for greater collaboration in the evolving global gem and jewellery ecosystem.
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