This Rakshabandhan saw a spike in gold purchases in India, thanks to reduced domestic prices from a recent import duty cut. Demand increased by up to 50%, with consumers buying more gold on average than last year. The average ticket size of purchases shot up as well this Rakshabandhan compared with the festival last year-on average, customers bought 7 grams of gold compared to 3.5-4 gm of gold last year.
Despite rising international gold prices, Indian consumers' faith in gold investments remained steadfast amid market uncertainties.
A quick industry assessment shows healthy demand at the start of the festival season. "Information trickling in from jewellers across India is showing that the demand for gold has gone up by up to 50% in the run-up to Rakshabandhan on Monday, the first auspicious day of the beginning of the festive season in India," said Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA).
"Sales are up by 20-25% compared to last Rakshabandhan," said Baby George, CEO of Kerala-based Joyalukkas Group. "The average ticket size for gold jewellery has been ₹1.10 lakh, while for diamond jewellery it is ₹1.25 lakh."
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