The Indian gems & jewellery sector is experiencing a fascinating interplay of trends, with the recent Lok Sabha election results in 2024 adding another layer to the mix. The sector is undergoing several interesting trends. Gold prices have been on a significant upward trend, reaching all-time highs. Factors like a weakening dollar and rising global demand contribute to this surge.
Experts believe with the results of the Lok Sabha election 2024 declared and the NDA government retaining the power under PM Narendra Modi, the sector hopes for continuity in governance as a key takeaway from the elections and looks forward to further seamless ease of doing business.
On the positive side, a stable government might instil investor confidence and lead to increased spending on discretionary items like jewellery. Additionally, if the new government prioritises infrastructure development, it could indirectly benefit the gems and jewellery sector by boosting overall economic activity.
Colin Shah, MD, Kama Jewelry, said, “While the consumer demand largely remains unaffected due to election results, the industry hopes on continuity on governance as a key takeaway from the elections and looks forward to a further seamless ease of doing business. Despite the hurdles, the Indian gems & jewellery sector has flourished in the last one decade and looks forward to policy reforms that promote a favourable environment for the sector.”
Courtesy: News 18
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