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November 19, 2024AIJGF: Demand in India may reach around 144 tonnes of gold during wedding season this year
About 4.8 million weddings this year to generate over Rs 6 trillion. India’s wedding season expects to see 4.8 million marriage ceremonies nationwide between November 12 and December 16, generating a whopping Rs 6 trillion in business.
As regards the jewellery business, The India Bullion and Jewelers Association expects a 15-16 per cent decline in demand this year because of the sharp increase in gold prices. According to IBJA National Secretary Surendra Mehta, sales volumes are expected to hover around 25-30 tonnes, down from 30-35 tonnes last year.
Nitin Kedia of the All India Jewellers & Goldsmith Federation (AIJGF) anticipates sales of 144 tonnes of gold, valued at over Rs 1.15 lakh crore, assuming 48 lakh weddings scheduled in the next two months. In value terms, the wedding season is expected to be bigger, though volumes might trend lower from a year ago given gold prices.
