Dhanteras and Diwali demand for gems and jewellery this year is anticipated to remain strong despite rising prices, with Diwali sales potentially crossing Rs 30,000 crore in the domestic market, according to industry experts.
Price hikes in precious metals are prompting consumers to view gold as a reliable asset, while silver is gaining popularity among people due to its relatively lower price and high industrial demand.
Some experts estimate sales growth in value terms of 10-15 per cent year-on-year this Diwali across the country, though there may be a dent in volume.
Silver has emerged as the top performer with returns exceeding 40 per cent, followed by gold at 23 per cent, significantly surpassing stock market benchmark returns.
Eastern Regional Chairman of the Gems & Jewellery Export Promotion Council (GJEPC) said, “Gold continues to shine due to global uncertainties and geopolitical conditions, while silver is drawing substantial interest as an affordable option.”
The Council also noted a shift from diamonds to gold this year, as the popularity of lab-grown diamonds has impacted the demand for natural diamonds.